Finance
The decision to move into a retirement village is an important financial and personal decision. We recommend you speak with your family and seek independent legal and financial advice to make sure the choice is right for you.
Flexible finance options
All our retirement communities operate under a Residence and Service Contract (loan-licence agreement) which gives you the right to occupy the unit, without the cost and responsibility of owning the property. When you move into one of our villages:
- you don’t pay stamp duty
- you’re guaranteed your refund amount when you leave
- you’re entitled to a 90-day settling-in period (conditions apply)
- you’re not responsible for refurbishing or selling your unit when you leave – we do this for you
- you only pay charges that relate to the operation of the village.
Any additional or extraordinary charges must be approved by a majority of residents at a residents’ meeting.
There are a few costs to consider when you move in to your new home:
- Ingoing contribution: This secures your new home and depends on the size and location of your unit. It’s made up of a five per cent non-refundable component and a 95 per cent licence agreement, part of which is refunded when you leave.
- Fortnightly recurrent charges: These costs cover the operation and maintenance of the village, including staff costs, maintenance of emergency call services, rubbish removal and council rates. These costs start when you move in and until a maximum of 42 days after you leave the village. Charges are reviewed annually and can only be varied once in any 12-month period.
- Deferred Management Fee (DMF): This is often referred to as an ‘exit fee’ or ‘departure fee’. This fee is calculated as a percentage for every year you live in the village, up to a maximum of five years. We work with you to determine a percentage that suits your financial situation. Please ask us about our flexible pricing options.
- Telephone, internet, electricity and gas services: These are charged directly to you by your chosen provider.
- Contents and/or possessions insurance: You may wish to take out personal insurance to protect your valuables through a provider of your choice. Wesley Mission covers all building insurance and associated costs.
- Garage deposit fee: You can hire a garage for parking or storage (subject to availability) for a small fee. Your deposit will be held as long as you’re using the garage and refunded, minus a retention fee, when it’s no longer needed.
- Maintenance: You’re only responsible for maintaining any additional fixtures and fittings you install in your unit. We take care of the maintenance of units, the gardens and common and external areas.
- Flexicare: To help you stay independent, you can take advantage of our Flexicare service an additional cost may apply. Please speak to our team for more information.
When you move out of the village, you may need to pay a departure fee. For more information about the fee, please call us on 1800 931 107 or email us below to ask for our Disclosure Statement and General Enquiry Statement.
Frequently asked questions
We understand that moving into a retirement village is an important decision, personally and financially. We encourage you to talk to your family and loved ones, and seek independent financial and legal advice to make sure the choice is right for you, now and into the future.
When you decide to make the move, you’ll be invited to secure your preferred unit with a refundable holding deposit of $2,500. This will reserve your chosen unit for 42 days. Our friendly team will guide you through the next steps to support your move, and keep you informed along the way.
Presently, Wesley Mission is unable to offer rental accommodation in our Wesley Retirement Living villages.
For alternative affordable housing and accommodation options, you can also explore other Wesley Mission services.When you become a resident, you take on the responsibility of a licensee and the unit remains the property of Wesley Community Services Limited (or the Property Trust). The unit is granted to you personally and cannot be sold or assigned. If your partner or spouse needs move, for example in to a residential aged care home or passes away, your license remains in place.
As a resident your rights are protected by current legislation*. Section 20 of the Residence and Service Contract (which is compliant with the provisions of the Act*), describes the conditions under which you may terminate the contract. You may, at any time, vacate the unit upon giving one month’s notice in writing.
Transfers are usually due to medical or care needs. If you’d like to move to another unit, please speak to your village manager. If you do move to a different unit, we’ll draw up a new contract for you to represent the changes.
If your care needs change and you permanently transfer to a residential aged care home, the ingoing contribution due under your Residence and Service Contract will be repaid to you, minus any Deferred Management Fee (DMF) and outstanding recurrent charges as referred to in the Contract, except where:
- it’s your express wish that the money remains on loan or as a gift to Wesley Mission.
No, when you leave the village, you won’t be responsible for selling the unit. Wesley Mission will take care of all the administration (including marketing and selling costs), cleaning and refurbishment of the unit. After you move out, you’ll simply pay a maximum of 42 days of recurrent charges and residents may be required to pay a departure fee upon exit.
Of course! It’s your home and we encourage you to invite family and friends to visit for the day or stay overnight.
We understand your pet is part of your family, however, pets are not allowed in our units at this time.
*Current legislation referred to on our website includes the Retirement Villages Act (1999), Amendments Act (2008) and Retirement Village Regulations (2009).
For more information on how Wesley Mission manages your personal information, visit wesleymission.org.au/privacy-policy
Make an enquiry
The retirement lifestyle you’re looking for is waiting for you at a Wesley Retirement Living Village. Contact us today to book your private tour.
