ARV Independent Living Villages operate under a Loan Lease Agreement (with the exception of St Davids Village which operates under a Loan License Agreement.

Under both arrangements, residents are granted the exclusive right to occupy the premises, but they do not own it. The advantage of a lease is that it is registered on the village’s Certificate of title. In the short term, St David’s Village at Forestville will continue under a Loan Licence arrangement because it is situated on Crown Leasehold.

The Ingoing Contribution

At the time of entering a village, residents pay an Ingoing Contribution, which is comprised of a non-refundable amount of 3%, and a loan amount of 97%. When a resident leaves a village, they are charged a departure fee which is based on their length of stay. The departure fee is calculated at the rate of 3% per annum (of the Ingoing Contribution) for a maximum of 9 years, and is deducted from the Ingoing Contribution.

When a resident leaves the village, the balance of the Ingoing Contribution is refunded by ARV, so there is no need for residents to ‘sell’ their unit. Where a resident stays for over 9 years, their minimum refund is 70%.

The Recurrent Charge

As a resident you contribute to the overall costs of maintaining and operating the Village.
This contribution is known as the ‘Recurrent Charge’ and is payable by all Independent Living residents to cover the following:

• Internal & external maintenance
• Council & water rates
• Rubbish removal
• Community area gardening
• Emergency call service
• Building insurance
• Upkeep of village infrastructure

Recurrent Charges are reviewed annually in consultation with residents and are based on the anticipated expenditure of each village for the forthcoming year.  Charges take into consideration different types of accommodation. At our Castle Hill Villages, charges also vary depending on the number of persons occupying the residence.

Our maintenance program ensures the time you spend in and around your new home is more about pleasure and less about chores.  Consider enjoying your new lifestyle without having to think about changing the washer on a tap or mowing the lawn.