Your Retirement Living questions answered

 

Where are VMCH Communities located?

Villa Maria Catholic Homes currently operates retirement communities across Melbourne, including Bacchus Marsh, Camberwell, Clayton, Greensborough, Hawthorn, Pakenham and Torquay.

Who can live at one of our communities?

Our communities offer a lifestyle especially suited to people aged 55 years and over who wish to enjoy the benefits of independent living, a caring community and the peace of mind of additional service options should their needs change in the future.  Residents may be in part-time employment, retired or over the age of 55 years.

Do I need advice before buying a new home at a VMCH community?

We recommend that you consult your solicitor and your accountant before making this important decision.  You should also consider the List of Important Information to Prospective Residents, which is included as a Schedule to the Resident Agreement.

How secure is my investment?

You have the security of a lifetime licence that is protected under the terms of the Retirement Villages Act 1986.  You may of course leave at any time of your own choosing.  The Act provides for some exceptional circumstances in which you may be required to leave, including: where an independent doctor in consultation with a resident's doctor determines that, the resident needs care of a kind that is not available at the communities; or where a resident fails to remedy a continuing breach of the Resident Agreement.  In any case the situation and options would be discussed with you.  These matters are covered in the Resident Agreement.

Will I have to pay Stamp Duty or GST on my retirement village unit?

No, stamp duty and GST are not applicable.

Are there weekly charges?

There is a weekly maintenance charge towards the operating cost of the communal facilities and services.  This is set annually in relation to actual costs and in discussion with the resident committees at each of the sites.

What insurance am I responsible for?

You are responsible for insuring the contents of your home.  Building insurance for your unit is included in the weekly maintenance fees.

What is the Deferred Management Fee (DMF)?

The Deferred Management Fee is really an 'enjoy now, pay later' arrangement.  This fee contributes to the capital cost of the amenities.  By deferring these costs, entry into our community lifestyle is more affordable.  You pay these deferred fees when you leave from the ingoing price paid by the next resident, which, in recent times, has usually returned more than the amount you paid.

When do I receive settlement money if I permanently vacate?

The money will be paid to you on settlement of the next resident entering your home.

What emergency support is available?

A 24-hour emergency call service is provided to all residents and is included in the maintenance fees.  Access to emergency assistance is by phone and pendant.

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