Retirement living costs

Your Anglicare retirement village operates under a loan licence agreement, which gives you the exclusive right to occupy your new home without having to legally own it. That means you will not have to pay stamp duty or any other taxes. When you first move to the retirement village, you will be asked to pay an ingoing contribution which secures you the right to live there. While this fee will be partly refunded to you when you leave (minus your outgoing costs), 6% of your payment is non-refundable. The total amount that will be deducted from your initial contribution will be clearly stated in your contract, up front.

It takes a village! All residents contribute to the overall costs of maintaining and operating your community. These ongoing charges are reviewed every year in consultation with you and your neighbours. They cover expenses such as maintenance of your home (inside and outside), water and council land rates, building insurance, maintenance of common areas and gardens, rubbish removal, emergency call service, upkeep of village facilities and staff wages. It’s a small cost to pay when it means you can spend all your spare time enjoying the retirement you’ve worked so hard for!

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’. Your Deferred Management Fee (DMF) is calculated as a percentage of the sale price multiplied by the number of years you’ve lived in the village. Unlike many of our competitors, Anglicare offers you a choice of three different DMF models, 10%, 30% and 50%, giving you the ability to plan ahead and choose the one that best suits your budget. When you leave the retirement village, you will not be responsible for ‘selling’ your unit – we take care of all the administrative work, cleaning and routine renovating for you. Nor will you have ongoing fees or charges to worry about once you return your keys.