Fees & payments
At Southern Cross Care we have units available for purchase of a lifetime lease.
Option to purchase a lifetime lease
The purchase of a lifetime lease in our retirement village falls under the jurisdiction of the Retirement Villages Act 2004 (Tas). When a party wishes to purchase a villa with this kind of lease, a $5000 holding fee is paid. When signing the Agreement, 10% of the purchase price of the villa is due and payable less the holding fee. Full and final payment is due 14 days after taking occupancy of the villa.
The purchase of a lifetime lease is not subject to Stamp Duty, and settlement terms are negotiable. However, all units are subject to Deferred Management Fees (DMF).
Deferred Management Fee (DMF) explained
A DMF is a fee that is applied at the time of exiting your villa. The DMF is currently calculated at 8% over 5 years totalling a maximum 40% fee which is retained by Southern Cross Care.
Service and maintenance charges explained
These charges cover rates and water supply and use, all unit and village building maintenance including supplied appliances and fittings, garden maintenance, fire levy, sewerage costs, 24 hour personal emergency alarm system, building insurance, lighting, communal facility maintenance, and office and administration.