COSTS & OWNERSHIP
Buying into a retirement village is a big decision, but many of our residents tell us it’s the best one they ever made.
Having all the information beforehand will help you make the right choice for your needs and situation when preparing for retirement.
Please see our Village Comparison Document for more information.
WHEN YOU BUY
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, where you purchase a long-term lease (usually 99 years) to live in your home.
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 at The Verge.
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.
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 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 WITH US
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.
WHEN YOU LEAVE
We know leaving the village can often be difficult for residents and their families, so we aim to make the process simple, transparent and stress-free.
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%, no matter how long you stay at The Verge.