We’ve included a selection of Frequently Asked Questions below, and will continue to expand this list over the course of our consultation process. Our first round of design presentations will provide more detailed information on how the Assemble Model works, and will give you the opportunity to ask questions and provide feedback.
If you can’t find what you’re looking for below, please don’t hesitate to get in touch via [email protected] or phone; 1300 181 295.
What are the steps in the sign-up process?
- Sign-up to our registrations of interest online.
- You will receive information regarding next steps including a link to register your attendance at our first round of design presentations.
- Attend the first stage of design presentations to learn more about the Assemble Model, hear about 393 Macaulay Rd, submit your feedback via a survey and have the opportunity to raise any questions with our team.
- Receive further correspondence from the Assemble team after attending design presentation 1 and register your attendance for design presentation 2.
- Attend design presentation 2 where you’ll get the opportunity to see the final design, price lists and the results of feedback from the survey.
- From here, you will be provided with more information on how to submit an application for your apartment preferences and details on the ballot process to come.
What if I can’t attend the design presentations?
Just let us know via email or phone and we’ll send you a link to view a recording of the design presentations online.
I don’t want to miss out, how can I place myself in the best position to secure an apartment?
Although we can’t guarantee everyone will get their first preference, by following the steps in the sign-up process outlined above and keeping up to date with our correspondence, you will place yourself in the best position to secure one of your top preferences.
What is the difference between the Assemble Model and a ‘rent-to-buy’ model?
A ‘rent-to-buy’ model typically requires residents to pay above market rent during their lease period with the ‘extra over’ payment applied to the purchase price. If residents decide not to purchase, in most cases, they will lose the ‘extra over’ payments. Under the Assemble Model, the rent is agreed up front and is calculated at a market rate with fixed 2.5% increases per year over the 5-year lease period. This means you will not be paying any more than you would for an apartment of comparable quality, just around the corner. If your home does not live up to your expectations, you can exit the lease or decide not to purchase at any time. The Assemble Model, therefore, offers more flexibility and less risk than a ‘rent-to-buy’ model.
Does the rent I pay over the 5-year lease contribute towards the purchase price of my home?
The rent paid over the 5-year lease is a market-rate rent and is not applied to the purchase price (providing you with the flexibility to decide whether or not to proceed with the purchase).
Is there an additional rental bond applied to the 5-year lease?
No – there is a refundable amount of 1% of your home’s purchase price used in lieu of a rental bond. If you decide to leave at any time the 1% you paid is returned to you, minus the cost of repairing any damage.
What happens if the market value of my home is higher than the purchase price at the end of the 5-year lease?
Any increase in the market value of your home above the fixed price, is to your benefit.
If I love my home and decide to purchase it, do I enter a standard mortgage and if so, when do I have to pay the deposit?
If you decide to purchase your home, you will need to apply for a mortgage as you would anywhere else and put down your deposit at the end of the 5-year lease – i.e. all the more time to save!
Does the 1% amount I already paid contribute to my deposit at the end of the 5-year lease?
Yes, that’s correct. The 1% you paid contributes towards your deposit.
Can I get the 1% amount back if my circumstances change?
Yes absolutely! This is a refundable amount much like a standard rental bond (minus any cost required to repair any damage to the apartment).
Who will provide the not-for-profit financial coaching that you offer?
Our not-for-profit financial coaching services will be provided by Assemble and you will be able to meet with your financial coach on a regular basis to discuss your budgeting and savings plan.
What will be the cost of the services provided by Assemble to residents?
Our aim is to support our residents on their pathway to home ownership by providing them with services that make their lives more convenient, enjoyable and cost-effective. Some services, such as community management and financial coaching, will be provided free of charge. Other services, such as apartment cleaning and dry cleaning, will be optional and charged on a per-use basis. More detail on the type and cost of services will be provided in due course.
What is the construction period?
We anticipate and allow for 2 years of construction.
What if my circumstances change during my 5-year lease? Can I rent out my home or will it be handed onto someone else?
Yes, you can sublet your apartment for up to 2 years during the 5-year lease (in case you land your dream job in London!) And if you love London so much that not even your cosy apartment can coax you back home – then we’ll offer your place to the next person in line (under the same terms).
Am I allowed pets in my apartment?
Absolutely – the more and the furrier friends the better.
I don’t live in Melbourne but would love to get involved – will your projects ever go interstate?
Our vision is to grow and expand our communities and provide more accessible and well-designed housing for more Australians, which includes expanding interstate. Although we don’t have a site interstate at present – we encourage you to watch this space!