All of Anglican Care’s Retirement Living Villages operate under a loan/licence arrangement. Under this model, Anglican Care retains ownership of the village property, with residents paying an ingoing contribution up front. In return residents are given a licence to occupy a unit and the ability to use the village facilities.
In addition to the incoming contribution, residents pay regular recurrent charges to meet the day-to-day operating costs and the upkeep of the village and a deferred management fee (DMF). The DMF is paid from the ingoing contribution and the balance of the ingoing contribution is paid to residents following their departure from the unit instead of being added to the purchase price. This assists in making an Anglican Care retirement village as affordable as possible, allowing residents more money to enjoy their retirement. There is no obligation for residents to re-sell their unit on departure.
All of Anglican Care’s retirement villages are operated within the guidelines of the Retirement Villages Act 1999 which regulates the operation of retirement villages. The main purpose of this legislation is to provide peace of mind to our residents as the legislation protects the interests of both current and prospective residents.
The Department of Fair Trading is a good source of information for anyone that is thinking about entering a Retirement Living Village. Their website is www.fairtrading.nsw.gov.au.
There are a limited number of rental units at some of our villages which operate under a Standard Residential Tenancy Agreement. For further enquiries about Anglican Care’s rental options, please contact Denise Rickman, Retirement Living Co-ordinator on 02 4958 0091 or email – firstname.lastname@example.org.