How much will it cost me to become an occupant of an independent living unit within a retirement village?
The entry premium payable depends upon varying factors, such as the number of rooms in the independent living unit, the age of the unit, what facilities are available, etc. Generally, entry premiums for newer units range from $250,000 to $400,000, with arrangements for a variable refund over the initial years of occupancy.
What other costs are associated with living in an independent living unit?
A service fee (this fee varies, depending on the size and location of a unit) is payable each fortnight. This fee covers all maintenance of the unit, as well as other charges such as local government and water rates.
What happens if I later need to move out (e.g. to a nursing home), but my spouse is still able to live in the independent living unit?
The entry agreement provides that there is no change to the contract arrangements should any one of the original occupant remain in the unit, thus guaranteeing security of tenancy and peace of mind for any remaining occupant.