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Entry Prices
SELF CARE
ENTRY CONTRIBUTION
The board has the discretion to
allocate a number of units to concessional residents or may agree to
vary the following entry contributions in specific circumstances.
Studio / One bedroom
unit: $124,500
The entry contribution for studios and
one bedroom units are priced below the extra allowable pension limit to
permit the grant of government rent assistance to aged pensioners and
veterans. The contribution retained by WRCA is put towards village
operating costs. 10% of the contribution is required on signing the
contract and the balance is payable on entry. The whole of the
contribution is non-refundable after two years’ residency. (However, if
you leave the village before two years’ residency, a proportion of the
contribution is refunded pro rata to you).
Two bedroom
unit $500,000
For two bedroom units a deposit of 25%
is required on signing the contract and the balance is payable on entry.
The deposit retained by WRCA is put towards village operating costs. The
deposit is non-refundable after two years’ residency. (However, if you
leave the village before two years’ residency, a proportion of the
deposit is refunded pro rata to you).
After two years’ residency in a two
bedroom unit, half of the remaining entry contribution is refunded to
you in 10 equal annual instalments. Upon your vacating the unit, the
remaining balance of entry contribution is paid as a lump sum to you or,
upon death, to your estate.
|
Entry Contribution |
Non refundable
Amount after 2 year stay |
Balance |
Annual refund x10 to you after
2 year stay |
|
$124,500 |
$124,500 |
N/A |
N/A |
|
$500,000 |
$125,000 |
$375,000 |
$18,750 |
Other details are as set out in the
contract which is available from the Village.
Entry contributions paid by incoming
Residents are treated separately from the operating accounts and
invested in bank or other approved secure funds. The Board
approves the use of interest earned by investments.
HOSTEL
All admissions are made on a needs
basis requiring assessment by an Aged Care Assessment team and acceptance
by the Commonwealth Department of Health and Ageing. Units are allocated
after assessment and acceptance by the Board Allocations Committee.
An
Accommodation Bond of $300,000 is normally required, 10% upon entry to
the Hostel and the balance, within 3 months of entry.
From
the Accommodation Bond, the Village is permitted to deduct a maximum
charge set by the Government (approx. $3,500 per year) over 5 years. On leaving the Hostel, the
balance of the Accommodation Bond is paid to you, or in the case of
death, to your Estate.
A proportion of units are reserved for concessional
applicants who are not required to make a lump sum contribution.
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