Living in your new home
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Each retirement village has a set of rules and principles that guide the day-to-day operations of the village. These rules cover such things as pets, use of communal facilities, garbage disposal and parking to name a few. The village rules are based on the model rules as prescribed by the Retirement Villages Legislation and have been modified to suit the needs of each village. Rules can only be amended by the residents of a village and changes must be passed by majority.
Residents contribute a fortnightly or monthly amount to the village budget, known as a recurrent charge.
These monies are used for the day-to-day operation of the village and expenditure of these monies is approved each year by the village residents. The amount of the fees will vary depending on the services offered and the staffing required at a particular village. All residents are provided with quarterly financial statements to reflect the expenditure in the village.
Within Catholic Healthcare, the management team meet with residents each year to determine the village needs for the coming financial year. A statement of proposed expenditure is prepared and presented to residents for their comment and review.
Residents then have time to revise and approve the planned expenditure. Once approved, the proposed expenditure statement becomes the village budget.
Catholic Healthcare cannot spend monies other than what has been approved in the budget without the express permission of residents.
Maintenance fees generally include (but may not be limited to):
- Salaries – such as manager, gardener, maintenance person
- Repairs and maintenance of items within the village
- Resident transport
- Emergency call systems
- Fire and safety monitoring
- Common area lighting, cooling and heating
- Utilities such as electricity, water and waste disposal
Audited financial reports are distributed to residents each year in the month of October.
Will I own the retirement village unit?
Our villages operate under a loan licence contract. This means that Catholic Healthcare retains ownership of the unit but provides the incoming resident with a ‘licence to occupy’. At the conclusion of the residency the ingoing contribution (upfront payment for the unit) will be refunded within six months or earlier if a new resident enters the unit. If you need to move into residential aged care and you choose Catholic Healthcare for your ongoing care, your refund will be finalised once you become a permanent resident of that service.
What is a 'deferred management fee' (DMF) or 'departure fee' and how does it apply?
Departure fee is the term used to describe those funds deducted by the village at the end of your tenure. The DMF is calculated over a period of six years. An amount of 5% is deducted each year from the ingoing contribution paid. Therefore, the maximum retention by Catholic Healthcare – should your tenure reach six years or greater – is 30%. At the end of your tenure Catholic Healthcare will take care of all refurbishment, marketing and selling costs.
Our village management team are happy to provide you with an explanation of our terms. It is essential that your family also understands the nature and terms of the fee to avoid any confusion on departure. The departure fee should be discussed with your legal advisors and it is important that you know what the financial arrangements are prior to signing your contract.