Securing a Home
To secure a retirement living unit, you simply need to pay an entry contribution. This is a non-refundable* one-off payment and varies from location to location. As a general guide these payments range from $50,000 – 140,000 and enable you to live in the unit for the rest of your life.
*25% of the entry contribution can be refunded to you if you leave within the 1st year and 10% if you leave within the 2nd year.
To live in one of our retirement villas or apartments, you need to pay a premium to Southern Cross Care. A premium is simply a payment made to Southern Cross Care for you to reside in the property of your choosing. The level of the premium will depend on the property you are interested in. Our sales team can provide you with a price guide on request. When you make your application, we ask that you pay an option fee to Southern Cross Care, subject to your location chosen. You then pay the balance of the premium on the date specified for settlement or we will refund the option fee if you change your mind.
What am I paying for?
The premium payment gives you a ‘Licence to Occupy’ and your interest in the unit is secured by a lifetime lease. Whilst Southern Cross Care maintains the title ownership of the property, the Retirement Villages Act and the Residence Contract protect your tenure.
The rights and obligations of residents are clearly set out in the lease, and cannot be changed without the residents’ consent. This means that although the residents do not have the title to their unit, each resident will have the exclusive right to occupy their unit for his or her lifetime if they wish, subject only to certain exceptions set out in the Retirement Villages Act.
Southern Cross Care has a long-term interest in the ongoing success of all properties and as a result, is committed to maintaining a high standard of facilities and services.
As a resident, you are required to pay a monthly maintenance fee. The fee covers the operation of the property and the services that are specifically covered in your contract. These may include:
- Rates and taxes – e.g. council, water, emergency services levy
- Insurance (excluding contents) of building, common areas, plants and equipment
- Public lighting
- Repairs, painting and maintenance of buildings, plants and equipment
- Use and maintenance of all common facilities
- Administration costs – administration, gardening and maintenance staff
- Cleaning of common areas, rubbish removal
Replacement of hot water services, air conditioning (installed by Southern Cross Care), appliances, floor coverings that were supplied in the unit when it was first occupied by the resident.
This fee is reviewed annually.