Independent Living

Financial Information

Accommodation Costs

The payment for your chosen Independent Living unit, apartment or villa is called an Ingoing Contribution.

Our organisation operates under a ‘Loan Licence’ agreement, which grants residents the right to occupy the premises exclusively, but they do not own it. An ‘Ingoing Contribution’ is paid to Anglican Retirement Villages (ARV) upon entry. ARV retains 2.5% per annum of the Ingoing Contribution based on a minimum of 4 years (10% retention) to a maximum of 12 years (30% retention). This retention is calculated annually from the original date of occupancy.

When a resident leaves the Village, the balance of the ingoing contribution is refunded by Anglican Retirement Villages, so there is no need for residents to sell their unit. The minimum refund will be 70% of the Ingoing Contribution paid, even if the resident stay is, for example, 15 years. The maximum refund is 90% of the Ingoing Contribution if the resident stay is 4 years or less.

Recurrent Charges

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.