Under this template, Peninsula Villages retains ownership of the village property, with residents paying an ingoing contribution up front. In return residents are given a licence to occupy a unit and the ability to use the village facilities.
In addition to the incoming contribution, residents pay regular recurrent charges to meet the day-to-day operating costs and the maintenance of the village as well as a deferred management fee (DMF). The DMF is paid from the ingoing contribution and the remainder of the ongoing contribution is paid to residents following their withdrawal from the unit instead of being added to the purchase price.
There is also a non-refundable portion of $10,000 that is paid from the ingoing contribution. This aids in making Peninsula Villages as reasonably priced as possible, allowing residents more money to enjoy their retirement. There is no requirement for residents to re-sell their unit on departure.
All of Peninsula Villages retirement villages are managed within the guidelines of the Retirement Villages Act 1999 which regulates the operation of retirement villages. The core purpose of this legislation is to offer peace of mind to our residents as the legislation safeguards the interests of both current and prospective residents.
The Department of Fair Trading is a helpful resource of information for anyone that is thinking about entering a Retirement Living Village. Their website is fairtrading.nsw.gov.au.
There are a limited number of rental units at some of our villages which operate under a Standard Residential Tenancy Agreement.