There are no hidden surprises in our financial arrangements with you!
We guarantee to you that:
- Your house or apartment weekly service fees or contributions to the village will not alter during your tenancy, unless your level of care changes. This effectively means that expenses such as rates, insurance, outside maintenance of your house, or apartment, or gardens, are fixed for the life of you or your spouse, or for the period of your occupancy.
- All fees [such as the weekly service and village commencement and contribution fees] will cease when you leave the village, and will not be delayed until your unit is sold.
You will be purchasing an occupational right agreement (ORA) to your own individual house or serviced apartment. This is the most common form of occupation and ownership in retirement villages in New Zealand. The ORA entitles you and your spouse [or partner] to use the house or apartment for Life [conditions apply] and have access to the village amenities. The rights will be sold when you Leave the village, to a new occupant and you will be refunded your purchase cost, less the village contribution fee.
Your financial security is covered by an Act of Parliament - the 2003 Retirement Villages Act. We guarantee that no-one - not us, a bank, or any other party or institution has priority over the village residents. We suggest that you confirm this with your solicitor:
The interests of the village residents will be protected by a Statutory Supervisor [Covenant Trustees] - who monitor our audited financial accounts and have a significant say over how we operate the village.
If within 3 months from the date of occupation, you decide that you no longer wish to remain in the village, we guarantee to refund your purchase price without any deductions for village contributions.
We guarantee that all fees [such as the service and village contribution fees] will cease when you leave the village.
A code of practice applies to the day-to-day operation of the village and a code of rights outlines the rights and obligations of residents, village management and staff.
Weekly Service fee
The following items are inclusive within the service fee:
- Insurance on your home or apartment - including floor coverings, drapes and fixed chattels.
- House and apartment property rates.
- Call system and CCTV visual monitoring.
- Building exterior maintenance (inclusive of fair wear and tear).
- The activities programme (subject to costs charged by other parties).
- Up-keep of common grounds and property.
- Care charges and meals for serviced apartments, if this has been arranged under your contract (i.e. it depends on the level of care and meals that you request).
This is paid fortnightly in advance by automatic payment.
We guarantee not to change this fee while you are in residence (apart from changes to your personal care or meal requirements in the serviced apartments).
Commencement Fee and Deferred Management Fees
On entering the village there is an initial Commencement Fee that is your contribution to the existing village amenities and facilities. Once you are in the village there is a Deferred Management Fee for the on-going management of the village, and the sale and refurbishment of your house or apartment. These fees are deferred until you leave the village.
We guarantee not to change this fee while you are in residence.