Costs & Ownership
Buying into a retirement village is a big decision, but many of our residents tell us it’s the best choice they’ve ever made. Having all the information beforehand will help you make the right decision for your needs and situation.
We specify, upfront, what the costs are, and what they cover, so you know exactly what you will need to pay for the duration of your time living at The Verge.
When making your decision, it’s important to understand how buying into a retirement village is different to buying a residential property. At The Verge at Burleigh G.C. we offer a leasehold agreement, where you purchase a long-term lease (usually 99 years) to live in your home.
Once you’ve made the decision to move into a RetireAustralia community, you’ll make an ingoing contribution for your new home. The amount will depend on the size, style and location of your chosen property. The good news is that this is typically 70-80% of the local median house price and you will not have to pay stamp duty on your apartment, allowing you to maintain a healthy cash flow in your retirement.
Change of mind
We want you to feel confident in your decision to move into a RetireAustralia village, which is why our independent living residence leasehold contract includes cooling-off and settling-in periods.
If you change your mind within the 21-day cooling-off period, you’ll get your deposit back in full. If you decide the village isn’t right for you within six months of moving in, we’ll reimburse your entry payment* within 30 days so you can focus on your next move.
*Fees and charges applicable.
While you live in your apartment, you’ll enjoy a relaxed, secure lifestyle while our dedicated team looks after things like building and garden maintenance, the upkeep of common facilities, the 24-7 emergency call system, the village bus and more. Monthly service charges cover these costs as well as building insurance, council and water rates.
As the cost to provide these services and maintenance increase from time to time, our service charge will also increase. By law, our charges are based on cost recovery only, meaning we cannot profit from them. You can also rest assured that these charges can’t be increased greater than the Consumer Price Index without the approval of village residents. For further peace of mind, these fees are audited by an independent party each year.
We know leaving the village can often be difficult for residents and their families, so we aim to make the process as simple, transparent and stress-free as possible.
RetireAustralia will prepare, market and sell your home for you, in most cases at no extra cost, after any exceptional wear and tear, damage, or alterations or additions to your home have been settled.
For added peace of mind, in the unlikely event that your apartment hasn’t sold within 12 months, we’ll buy it back from you.
Deferred management fee
Most retirement villages charge a deferred management fee (also known as an exit, outgoing or departure fee).
This fee is effectively a “enjoy now, pay later” scheme, which helps reduce the costs of moving into a retirement village.
Our independent living residence leasehold contract allows you to calculate exactly how much you’ll get back based on your entry payment. The deferred management fee will not exceed 25% of the entry payment, no matter how long you stay at The Verge.