FINANCIAL & CONTRACT INFORMATION
CLARITY, CERTAINTY AND CONFIDENCE
We understand that moving into a retirement village can be a big decision. With so many different retirement village contracts, it can be difficult to understand the differences, and determine what one works best for you. We believe it is important for you and your family to have clarity over our contracts from the very beginning.
We have prepared a simple explanation of our contract to give you and your family peace of mind.
Marian Grove Village Loan Licence Agreement Contracts
It can be difficult to understand the long-term costs associated with buying into a retirement village. Marian Grove offers a Loan Licence Agreement. The Loan Licence affords the resident uninterrupted right of residency under the terms and conditions of the Agreement.
Capped Departure Fee
Marian Grove Lifestyle Village has a capped departure fee structure that will not exceed 35% of the price you pay for your home. This way, it is easy to calculate (even before you move in) exactly how much money you will receive after you leave. The retention amount is 8% of the purchase price per year for the first 3 years and 2.75% for the following 4 years. Capped at 35% after 7 years.
No Stamp Duty
You will not have to pay stamp duty on your villa/unit, leaving you with extra money in your pocket to enjoy whilst you settle in.
PEACE OF MIND
If you decide the village isn’t right for you within 90 days of moving in, we will refund you the full ingoing contribution within 30 days so you can focus on your next move. Please note that the monthly village fees are also refundable, however we are entitled to charge “fair market rent” for the time that you do stay.
Monthly Village Fees
Your monthly village fees cover:
Water rates and usage
Building, turf/lawn and internal road and carpark maintenance
Village recreation Centre, Café and Chapel maintenance
Residents are responsible for their personal expenses including:
Utilities (electricity, phone, internet, and contents insurance)
Health Care, Home Support Services (cleaning, personal care etc.)
WHEN YOU LEAVE
Leaving the village may be a challenging and emotional time for you and your family, so it is important to us that we make the process as stress free as possible.
You don’t need to sell the unit when you leave
Once all of your items have been removed and the keys returned to the office, Marian Grove will take responsibility for the Village fees until the unit has been sold
We will prepare the unit for sale at no cost to you
You are not charged any sales commissions or marketing fees
You are protected from the fluctuating property market and will not be impacted by any capital gains. Marian Grove will incur any capital loss or gain
The refund of the Interest Free Loan will be repaid on your departure from the village according to the terms and conditions of your contract.
Departure Fee Structure
The departure fee is payable when you leave the village and allows us to keep our entry prices as competitive as possible, leaving you with more cash in your pocket to enjoy your retirement.
The departure fee covers Marian Grove’s initial investment in the village and helps to ensure that all residents have access to quality facilities and amenities whilst they are living in the village.
The Buying Process
$1,000 fully refundable deposit
No stamp duty
Capped departure fee after 7 years
When Living in Marian Grove Village
Fixed monthly Village Fees – reviewed once a year