Is retirement village life for me?
The retirement village life is all about living in a secure home within a community of like-minded people. Our villas and units are designed for easy living – even if your mobility decreases – and best of all, we take care of your maintenance!
The costs of living in the unit (rates, insurance, grounds & maintenance) are bundled into one easy, fortnightly fee and typically work out to be cheaper than living in your own home.
Your tenure in the home and your payment to occupy your unit are protected by the Retirement Villages Act Queensland, which also protects your interests by imposing obligations and responsibilities that retirement village operators must adhere to.
What is youfirst?
youfirst is new flexible pricing to make the most out of your retirement. It gives you the option to pay less when you move in and defer some of the cost of your new retirement home until it’s time to re-sell. You get to keep more savings in the bank and continue doing the things you love.
Alternatively, if you are considering income such as a pension, youfirst also enables you to pay more when you enter and receive a larger payment when it’s time to re-sell.
Is purchasing a retirement village unit the same as buying a house in the residential real estate market?
Purchasing a retirement village unit is quite different from purchasing a home in the residential market as the contracts, processes and costs are different. Usually when you buy a home it is on a freehold basis, which means you own the property. Most retirement village transactions are different because you are not actually purchasing the property – you are purchasing the right to reside in the property (at Lutheran Services you acquire a Licence to Reside).
How does a Licence to Reside arrangement work?
A Licence to Reside entitles the resident to occupy the retirement village unit until they decide to leave. There is no stamp duty payable upon purchase and no registration fees associated with the title of the unit. In order to purchase a Licence to Reside, you pay an amount to the retirement village, referred to as an Ingoing Contribution (this is the cost of the unit).
What is an Ingoing Contribution?
An Ingoing Contribution is the cost of purchasing the Licence to Reside in the unit and the village.
What is an Exit Fee?
An Exit Fee (sometimes called a Deferred Management Fee) is deducted from your Exit Entitlement when you vacate your unit. The Exit Fee is based on a percentage of the Ingoing Contribution (the cost of the Licence to Reside).
The reason this payment exists is to allow the village operator to be compensated for their significant investment in the village and to fund ongoing capital investment into the site.
When I leave the village when do I receive my Exit Entitlement?
You will be paid your Exit Entitlement after you’ve vacated your unit and it has been re-sold to a future resident. We are required to pay the Exit Entitlement the earlier of 14 days after the Licence to Reside has been resold or eighteen months after termination.
What contracts will I receive when purchasing a retirement village unit?
You will receive a Residence Agreement and a Prospective Costs Document that details all of the commercial arrangements regarding your purchase of the unit. After you sign the agreements you will have a 14 day cooling-off period if you wish to change your mind.
How much does it cost to live in a retirement village?
The cost of buying into a retirement village will depend on the payment option you chose for your unit.
The cost associated with living in the unit (for example, rates, insurance, grounds & maintenance) are bundled into one easy, fortnightly fee and typically work out to be cheaper than living in your own home. Retirement village occupants are responsible for the direct costs of their own power and water and insuring their personal contents. Any telephone and internet services connected to the unit are the resident’s cost.
Will I need insurance?
You will need to organise contents insurance for the things that you own. Building insurance is included as part of your daily fee.
After I leave the retirement village will I continue to pay ongoing fees?
You will continue to pay the General Service Charge until your unit has been sold but the amount will reduce over time. For the first three months after your Licence to Reside has been terminated you will pay the full General Service Charge. After three months you’ll pay a portion of the charge for up to nine months. After nine months, even if your unit has not been sold, you will cease paying any General Service Charge.
Can my family and friends stay over? How long can visitors stay for?
Yes, of course! Talk to the site manager if there are visitors planning to stay for more than a few weeks.
Can I organise Home Support?
To make living easy all Lutheran Services Retirement Living villages offer a Home Support service that can be government funded or fee-for-service, depending on your situation.
How old do I need to be to live in a Lutheran Services retirement village?
Our minimum age of entry is 70 years. If a couple is looking to reside in one of our retirement village units, at least one person must be aged 70 years or above.
Is my pet welcome?
Yes, our villages are pet friendly.
If I go on holiday, will my home be OK?
At Lutheran Services retirement locations we take security seriously. Talk to the manager on site if you are going away for an extended period as an extra precaution. The advantage of a retirement living is that you can shut the door and we can keep an eye things while you are away.