The investment steps are: 1. The investor completes and forwards to Bensons an Application Form. 2. Bensons accepts the Application Form. 3. Bensons accepts the Application Form. 4. Bensons transfers from the investment sum the 10% deposit monies required for the Contract of Sale to Bensons solicitors’ trust account, with the balance remaining in the Fund. 5. Bensons issues to the investor an executed Subscription Deed and Unit Certificate confirming receipt of the monies and setting out the terms of the investment. The investor does not execute the Subscription Deed or the Unit Certificate.

The interest earned on the Fund investment will be applied at the settlement of the Chevron One apartment as a discount or rebate on the purchase price of the apartment.

The subscription amount is to be equivalent to at least 30% of the sale price of the apartment. Part of this investment sum will be applied as the deposit under the Contract of Sale, with the balance remaining in the Fund and attracting interest at 8% per annum. The investor needs only make one payment to the bank account of Bensons, which will then be allocated to payment to the Contract of Sale deposit and the investment in the Fund.

A similar process as above would apply, except that the 10% deposit is not transferred from the investment sum.

When the deposit moneys are transferred to the solicitor’s trust account, as required by Victorian legislation, interest at the current bank deposit rates will be earned. These rates currently vary from 2.29% per annum for 30 days to 3.0% per annum for 1 year.

Interest will be calculated based on 8% per annum, on a daily basis, from the start of the investment until the redemption date, on a simple interest basis without interest compounding.

No, the interest will accrue to the investor until the redemption date (at the earlier of completion of the development or at the end of 4 years), and will only be paid out at that time. Instead of the actual interest payments, the investor will receive a discount to the purchase price, thus not incurring income tax that would otherwise be payable if the interest income had been paid.

There is no limit to the amount that you can invest in the Fund. You can also progressively add to your initial investment as you wish. If the investment amount and accumulated interest in the Fund exceeds the balance amount to be paid at settlement, the investor can choose to have the excess amount paid out in cash at that time, or have it invested with Bensons for the balance of the 4-year term. In the latter case, the Trustee will provide to the investor a statement summarizing the balance of the Investment Sum held by the Trustee until the maturity date.

No, the interest will accrue to the investor until the redemption date (at the earlier of completion of the development or at the end of 4 years), and will only be paid out at that time. Instead of the actual interest payments, the investor will receive a discount to the purchase price, thus not incurring income tax that would otherwise be payable if the interest income had been paid.

There is no limit to the amount that you can invest in the Fund. You can also progressively add to your initial investment as you wish. If the investment amount and accumulated interest in the Fund exceeds the balance amount to be paid at settlement, the investor can choose to have the excess amount paid out in cash at that time, or have it invested with Bensons for the balance of the 4-year term. In the latter case, the Trustee will provide to the investor a statement summarizing the balance of the Investment Sum held by the Trustee until the maturity date.

The Trustee of the Fund will loan all or part of the investment sum to the Bensons Property Group for the purposes of financing the development of the Chevron One project.

In the event of a default by the trustee, the investor will have the right to redeem the investment and apply the investment sum against the monies due to Bensons Property Group under the Contract of Sale. You will have the security of a direct right to offset the monies you owe for settlement of the apartment against monies owed by the Fund to you.

Always talk to us first if you are having difficulties in finding a financier in Australia, there are now many non-bank lenders specialising in providing loans to overseas investors. We expect investors in the Fund to have the ability to settle the purchase of their apartments. If the investor does not settle according to the Contract of Sale, the Fund may redeem the units and apply the proceeds against any money due to Bensons Property Group under the Contract of Sale.

The investor may only redeem the investment when the development is either completed or at the end of the 4-year investment term.

We expect to commence export construction by November 2020 for completion in June 2023. The “discount” on the apartment price is calculated as interest accrued up to completion of the development and can therefore vary depending on the actual completion date. However, investors looking to increase their overall returns can choose to invest any balance monies exceeding the settlement amount for the balance of the 4-year investment term.

We expect to complete the Chevron One development by June 2023. However, if the development is still not completed at the end of 4 years (from the time of the investment), the investor can redeem the investment sum at that time.

No, Bensons has finance sources for the development, which is why Bensons committed to start export construction in late 2019. The Fund has been established at the request of overseas purchasers, who wanted the ability to transfer immediately or progressively funds from overseas to Australia into an investment which would provide an attractive rate of interest. The Fund is also attractive to Bensons because Australian Banks put limits on the number of apartments that can be sold to overseas investors. The Banks will allow a limited increase in the number of apartments sold to overseas investors if they include an additional investment in the Fund. To reward our buyers who are willing to meet the Bank’s requirement, we will give them a discount on their property purchase which is calculated as an interest return on the Fund investment.

No establishment, management or any other fees, will be charged for the Fund investment. However, any interest returns that are not taken in the form of a discount on the apartment price and are paid in cash, will be subject to the standard Australian withholding tax of 10% of the interest income, if the investor is a foreign tax resident.