Moving into a TriCare retirement community enables you to enjoy your retirement in a new home suited to your lifestyle and at an affordable price.
When investigating options, you will notice that there are many different models and a range of variables when it comes to buying into a retirement community.
The information provided below will help you to understand what you can expect to pay when moving into a TriCare retirement community.
Your investment
Residents wishing to occupy a unit in a TriCare retirement community purchase a lease (licence at Hayville Retirement Community) and preference shares* in the TriCare company which owns that particular community.
The Public Information Document (QLD and VIC) or Disclosure Statement (NSW) contain copies of the contracts and other relevant documents, so intending residents are able to seek legal advice with regards to the terms and conditions in the documents.
Upon termination of your occupancy, the capital return to the resident is defined in the Public Information Document or Disclosure Statement.
Fees and charges
At all TriCare retirement communities the annual operational costs for providing facilities and services are resident funded.
These costs are payable on a monthly basis and are called:
- General Service Fee(QLD)
- Recurrent Charge (NSW)
- Maintenance Charge (VIC)
TriCare does not make any profit on the above fees paid by the residents.
The budget is determined yearly by TriCare in consultation with residents, as necessary and any fee increases must comply with the Retirement Villages Legislation.
For flexi or serviced apartment residents, additional service fees are payable. For serviced apartments, fees include all services. Flexi apartment residents are charged on a ‘Fee for Service’ basis. Services included:
- Breakfast, lunch and dinner.
- Weekly supply and launder of bed and bath linen.
- Weekly housekeeping.
In addition, Residents are typically responsible for:
- Personal telephone, electricity and gas accounts.
- Contents Insurance (Public Liability insurance is also recommended).
- All personal and health costs
Maintenance Reserve Fund (QLD only)
The purpose of this fund is to maintain capital assets of the community, ensuring they are kept in good working order and attractive presentation.
Contributions to this fund are determined on an annual basis by TriCare utilising recommendations from an independent Quantity Surveyor. The Maintenance Reserve Fund Contribution forms part of the General Service Fee
The monies are held in a separate trust account and remain dedicated to the community.
Termination and exit/departure fees
An exit/departure fee and other associated costs are payable upon the termination of your occupancy at any TriCare retirement community.
Exit/departure fees vary across each community. The fee is calculated in accordance with the terms stated in the Public Information Document or Disclosure Statement and this fee is retained by TriCare.
Upon termination you may also be responsible for costs associated with reinstatement depending on your particular contract.
Each of our retirement communities will take the time to explain the costs applicable to your choice of accommodation and provide you with the necessary documentation to assist you with your decision.
To find out more, please contact TriCare today on (07) 3360 9000 .
*Applicable at most TriCare retirement communities.
