Churches of Christ Care Website
Frequently Asked Questions
What are the benefits of a Care Retirement Village?
Many people who contact us advise they are unable to maintain the garden, unable to pay attention to the house maintenance and do not feel secure in their house.
All of Care’s Retirement Villages are designed with this in mind and provide:
- Gardens and lawns maintained for you with the option of each resident becoming involved as much as they would like or are able to
- All internal and external maintenance taken care of by maintenance staff
- An emergency call system offering peace of mind
- A secure environment
- Opportunities for social activities
- Opportunities for fun and friendship
Who is eligible to move into a Care Retirement Village?
Care accepts single women over the age of 60 years, single men over the age of 65 years and couples - provided one of the spouses meets the above criteria.
How does a
Purchasing an Independent Living Unit from a
The whole financial model used for Retirement Villages in
All aspects of running a
The purchase price of a unit is less than an equivalent freehold unit however, instead of owning a unit outright residents purchase a ‘licence to occupy’ over their unit. This ‘licence to occupy’ gives residents a legal right to occupy their unit for as long as they are able.
Residents pay a once off purchase price (called an ingoing contribution) to secure this licence. Residents then pay a weekly contribution towards the running costs of the village such as power, rates and water, insurance and general maintenance. This is called a general service charge.
To keep weekly expenses to a minimum, there are no additional ongoing fees charged for residents to access all the activities, facilities and security measures that are in place. Instead this cost is recouped when a resident leaves.
Once a resident does decide to leave they will automatically receive money back from Care without the worry of having to sell their unit. Care will arrange and pay for the unit to be returned to its original condition and pay the cost of finding another resident to occupy the unit.
The amount of money a resident will receive back when they leave a village is determined by the purchasing option they choose and the exit fees owing (see below for details).
What type of agreement is used and what are the purchasing options offered?
Under the resident agreement, Care offers residents a licence to occupy an Independent Living Unit. Licence amounts vary between villages and between units in a village. An ingoing contribution secures the resident’s right to reside in the Retirement Village.
Four options for paying the ingoing contribution are offered to residents:
Option 1: Standard arrangement. The most common purchasing option is to pay full purchase price for the unit and then receive the purchase price back upon leaving, less exit fees.
Option 2: Investment option. Residents who have extra capital available to invest can choose to pay 150 percent of the licence purchase price and in return, not pay any exit fees at all. The full amount is returned to the resident upon leaving.
Option 3: Subsidised entry. Residents who may not have quite enough capital to purchase a unit licence outright can choose to pay between 75% to 95% of the purchase price and then pay a finance charge on the remainder. The finance charge is deducted each year off the resident’s capital in the unit. Upon leaving the resident receives their remaining capital back, less exit fees.
Option 4: Share of capital gain. Residents interested in investing in the potential capital gain of a unit can choose to pay an additional 25% above the purchase price and in return, share in half of the gain achieved while residing in the unit. In this option, all exit fees are calculated on the sale price of the unit instead of the purchase price. The exit entitlement returned to the resident will not exceed the purchase price paid.
How is the exit entitlement calculated?
Each resident paying options 1, 3 and 4, is charged what is called an exit fee when they leave their Independent Living Unit. This fee covers the cost to Care of funding a lower entry price, maintaining all of the village infrastructure, facilities and services, and the cost of providing a quick and easy departure for the resident.
Exit fees for purchasing options 1 and 3 are calculated using the purchase price. Exit fees for purchasing option 4 are calculated using the selling price. No exit fees apply to purchasing option 2.
Cost for year 1 is 8% of the unit price
Cost for year 2 is 7% of the unit price
Cost for year 3 is 6% of the unit price
Cost for year 4 is 5% of the unit price
Cost for year 5 is 4% of the unit price
Cost for year 6 is 3% of the unit price
Cost for year 7 is 1% of the unit price
The exit fee will total a maximum of 34% of the purchase or sale price of the unit depending on the purchase option chosen. If a resident stays past 7 years there is no additional exit charge.
How can I express my interest?
Click on the ‘Contact us’ link at the top of the page and use the contact details or contact a Retirement Village directly by using the contact details at the bottom of each specific Retirement Village page.
Staff will be happy to listen and answer any questions you may have.
