Frequently Asked Questions: Resident Funded Homes

When a home becomes available you will be contacted and offered the home and an agreed time will be arranged to view the home.

A contract is then prepared and forwarded to you for review. At this time a pre-determined deposit is to be paid to secure the home.

A ‘Retirement Living Approval Form’ is also provided to you at this time.

The form is to be completed by your GP and then returned to the Retirement Living Co-ordinator at Life Care Corporate Services. NB: If it is determined that you are not suitable by your Doctor for Independent Living, Life Care will advise you and withdraw the offer of the home.

A date is agreed for the signing of the contract at which time the keys to the home are provided and you are able to take occupation. At this time a small key deposit is to be paid, maintenance fees begin, and from this date 30 days interest free is provided for the remaining balance of the premium to be paid.

Valuations of all homes are conducted on a yearly basis to determine the Market Value. Valuations are conducted by an Independent Professional Valuer.

When a home is vacated, 75% (after 3 years) of the current Market Value is refunded to the resident or their estate. A higher percentage is refunded if the unit is occupied for less than 3 years.

Maintenance Fees are charged either monthly or fortnightly (depending on the village) and cover Council and Water rates, Property and Contents insurance, mowing of lawns and ongoing maintenance on grounds and buildings.

Residents are responsible for the connection and payment of accounts for electricity and telephone.