Guide to Retirement Living

We offer a variety of different accommodation options, from studio and one bedroom to two bedroom apartments. Our village operates under a loan lease or loan licence agreement which saves you from having to buy your own unit. Learn more about typical Costs and Payments for Retirement Living.  Our studio apartments are for rental only (with conditions).

Retirement Village Living

To assist you in deciding if retirement village living is for you we have include the general information below.  We recommend seeking the advice of a legal representative or trusted advisor before entering any retirement village contract.

Costs and Payments for Retirement Living

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.

Your ingoing contribution

When “purchasing” one of our properties, our village operates on a loan lease or loan licence agreement which gives you the exclusive right to occupy the premises without having to legally own the property.  Stamp duty is not payable on the “purchase” price

When you first enter your new home you will be asked to pay an ingoing contribution “purchase price” 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. You are entitled to receive a refund of at least 70% 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.

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Fortnightly maintenance fees

As a community, all residents contribute to the overall costs of maintaining and operating the village. These fortnightly recurrent charges are normally reviewed annually in consultation with all residents from your village. Charges are calculated on the anticipated expenditure for the village for the forthcoming year with consideration to the different types of accommodation. They cover expenses such as:

  • Maintenance of your unit internally and externally
  • Water and council land rates
  • Building insurance
  • Maintenance of common areas and gardens
  • Rubbish removal
  • Emergency call service
  • Upkeep of village infrastructure
  • Staff wages

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.

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Deferred Management Fee (DMF)

When you leave you pay a Deferred Management Fee (DMF) or an Exit Fee as it is often called. This fee is based on your length of stay. There are two parts to the fee:

  • a non-refundable component of 7.5 %, and
  • 2.5 % per year of the ingoing contribution for a maximum of a further 9 years

For example, if you leave at the end of three years, Eventide homes retains a total of 12.5 % (being 7.5% non-refundable amount, plus 2.5 % departure fee x 2 years). If you stay more than 10 years, the minimum refund will be 70% of the ingoing contribution.

NSW Department of Fair Trade has information pages that will be useful to you as you decide if retirement living is for you .  Please click on the below link.

Retirement village laws and inquiry | Fair Trading NSW

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