Important Points & Village Comparison Document
Licence to Occupy
A right or licence to occupy is granted to approved applicants in return for the payment of an Ingoing Contribution.
Ingoing contributions currently range from $235,000 for a one bedroom unit (no car parking) to $340,000 for a three bedroom unit with a garage.
When you leave your unit, the amount you are refunded is basically the amount you paid as an Ingoing Contribution less a Termination Fee of $2,000 and the applicable Exit Fee. The Exit Fee is calculated based on either the Standard Licence Option or the Customised Licence Option as detailed below.
Your Exit Entitlement is payable to you within 14 days of the unit being resold, but no later than 9 months and 14 days after you leave the unit and your agreement is terminated. However if you are moving from the Village to our Nursing Home (or Residential Aged Care Facility) and you would like us to do so, we are are happy to treat your Exit Entitlement as part payment of your Refundable Accommodation Deposit received by the Nursing Home on the Termination date.
Standard Licence Option
Under the Standard Option the Ingoing Contribution is the Standard Ingoing Contribution shown over the page. The Standard Exit Fee is 6% per year for the first 6 years. The maximum Standard Exit Fee is 36%.
Customised Licence Option
This option enables you and Brodribb Retirement Village to enter into a Residence Contract on terms which are customised to suit your particular circumstances. Terms which we may consider varying include the Ingoing Contribution Amount, the manner in which the Ingoing Contribution is paid and the Exit Fee amount.
Some prospective clients may have a preference to pay a higher Ingoing Contribution with lower Exit Fee percentages to maximise their pension. Others may wish to pay a lower Ingoing Contribution with higher Exit Fee percentages. We are happy to discuss these option with you and provide some examples of alternatives available
The basic ongoing fees payable for residents of the Village are currently:
General Fees $80.64/week
Maintenance Reserve Fund Fees $19.67/week
Gas Fees for one bedroom units only $8.40/week
These fees cover repairs & maintenance of the communal areas and exterior of the units. They also cover building insurance, mowing, security service, emergency call system, management fees, rates and water charges.
Some of these fees continue after you leave the unit and your agreement is terminated. For the first 90 days, 100% of the General & Maintenance Reserve Fund fees are payable. After 90 days (but for no longer than 9 months after your agreement is terminated), a reduced percentage of the fees is payable until the unit is resold. The percentage payable is equal to the proportion of the resale price of the unit that you will receive as an exit entitlement. So for example, if the unit is being sold after you vacate it for $300,000, and your exit entitlement is $240,000, the percentage of fees you will pay after 90 days is 80%, (being 240,000/300,000).
Residents are responsible for maintaining, repairing and replacing all fixtures, fittings, furnishings, equipment and appliances within the Unit. They are also responsible for insuring their own belongings and for paying any telephone, electricity and gas charges which pertain to their unit. (Note: The gas charge for one bedroom units is $8.40/week as noted above.
Village Comparison Document
From 1 February 2019, all Retirement Villages in Queensland are required to give prospective Residents their Village Comparison Document. Please click on the link below to see our Village Comparison Document.
Download Village Comparison Document
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