We understand making the move to a retirement village is an important financial decision. That is why we make sure you know up front all the costs and payments you will be charged. We will explain how these costs and payments work and give you clear information about your rights – so you will have peace of mind with us.
Our villages operate under a loan licence agreement which gives you the exclusive right to occupy the premises without having to legally own the property.
When you first enter your new home you will be asked to pay an ingoing contribution which secures you the right to live in the village. This fee will be partly refunded to you once you leave the village. Your refund is calculated from the date of entry and then deducted from the ingoing contribution at the time of refund. The amount will be in line with the financial model you chose going into the village and will be either 50%, 70% or 90% of the ingoing contribution, irrespective of the length of your stay. When you leave the village, you will not be responsible for “selling” your unit – we take care of all the administrative work, cleaning and renovating for you.
As a community, all residents contribute to the overall costs of maintaining and operating the village. These recurrent charges are reviewed annually in consultation with all residents from your village. Charges are indexed annually at a fixed formula for the forthcoming year. They cover expenses such as:
Our maintenance program ensures that the time you spend in and around your new home is an enjoyable time with more focus on pleasure than chores.
You will have to pay a departure fee when you leave the village. This departure fee is often called a Deferred Management Fee or Exit Fee. This fee is based on your length of stay and the financial model you chose going into the village. For example, if you chose a 30% deferred management fee, the two parts of the fee would consist of:
If you leave at the end of three years on a 30% deferred management fee option, Anglicare retains a total of 18% (being 6% fixed amount, plus 4% departure fee x 3 years). If you stay more than six years, the minimum refund will be 70% of the ingoing contribution.
There are many reasons to choose Anglicare when you make the move to retirement living: