Have you been considering a move to a retirement village, but aren’t completely sure about how they operate, or what specific information you need to know? We may have the answers!
Q. Who can live at a VMCH retirement village?
A. We 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 downsizing and enjoying retirement.
We often get asked if you need to be Catholic to live with VMCH, as we are a Catholic organisation. The answer is – no! We welcome everyone, irrespective of your faith.
Q. Do I need advice before buying a new unit?
A. We recommend that you consult your solicitor and your accountant before making this important decision. We can also provide you with our List of Important Information to Prospective Residents.
Q. Are there any extra costs?
A. There is no stamp duty and GST is not applicable. There is a Deferred Management Fee, which is really an ‘enjoy now, pay later’ arrangement.
There is also a weekly maintenance charge which goes towards the operating cost of the communal facilities and services. This is set annually and is in discussion with our dedicated resident committee.
Q. Can you tell me a little bit more about Deferred Management Fees?
A. 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.
A deferred management fee is a fee you need to pay a retirement living operator when you leave the village. Unlike a housing developer, retirement village operators both develop the project and then continue to manage the project, which means an apartment-style upfront ‘set and forget’ pricing structure may not work.
There are several ways that deferred management fees are calculated across different organisations. To put it simply, VMCH charges 3% for each completed year of occupancy up to a maximum of 10 years. This gives a maximum of 30% of the ingoing contribution from the next resident.
Not only do you need to understand what the operator is offering, and shop around, you also need to consider your own financial circumstances. Speak with a financial advisor if you need clarification around your personal circumstances.
Q. What insurance do I need?
A. Building insurance for your unit is included in the weekly maintenance fees, but you are responsible for insuring your home contents.
Q. Is there emergency support?
A. 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.
Q. What services are located near me?
A. The location of each of our retirement villages has been carefully chosen to ensure you have access to shopping and services, medical centres and transportation. If you have any specific personal requirements, please feel welcome to have a discussion with our Retirement Living Coordinator.
Many of our retirement villages are also co-located with a VMCH Aged Care Residence, should you or your partner require full-time care. Retirement village residents are encouraged to visit the residence or bring your loved one to your home.
Q. What if I need some extra help around the house?
A. Our Retirement Living Coordinator can provide you with information relating to the in-home services that VMCH can provide you. Our Case Managers can help you to determine what support services you require, or funding you may be eligible for, including Home Care Packages or privately funded services. They are also able to assist you with the application process.
Q. Can I bring my pet with me?
A. Existing pets may be brought with new residents assuming they do not pose a safety, noise or nuisance problem for other residents, or cause damage to property.
We are always here to help. If you have any further questions, please contact us on 1300 698 624.