Retirement FAQs
Living well in a SwanCare Retirement Living Community
Living in a retirement community operated by a not-for-profit organisation such as SwanCare Group provides significant advantages for many people.
An important benefit is that the cost of entry is often below the cost of buying a similar quality home in the same locality, making retirement living more affordable and secure. Another benefit is having most of the maintenance of your home taken care of, freeing up time for a relaxed retirement without the burden of costly home maintenance. Community amenities and a range of services add value to living in a SwanCare Community.
SwanCare Group Retirement Living Communities operate under a “license to occupy” (“leasehold”) scheme. This means SwanCare Group is the owner of the property and the resident is granted a Lease to occupy the residence for life within the provisions of the residence contract. Residents’ rights are protected by the Retirement Village Act 1992 and the Code of Fair Practice for Retirement Villages 2009.
Paying for my Home – what are the upfront costs?
When you select your villa or apartment, the amount you pay for your residence is referred to as the “Entry Loan” and allows you to live in your home and enjoy the community facilities and services for as long as you are a resident.
SwanCare charges an Administration fee for the preparation of documents.
There is no Stamp Duty or GST payable on the lease contract.
Do I need to pay a deposit when I select a home?
An initial deposit secures your choice of residence. The deposit is held in trust and is fully refundable if you decide not to continue with the Offer within the 10 day cooling off period.
After the cooling off period, a cancellation fee will apply if you do not proceed with the purchase.
The balance of the Entry Loan is payable at settlement.
What service fees do I pay?
Each fortnight, residents pay a share of the operating costs for each residence towards providing the services and amenities enjoyed by all members of the community. This Service Fee covers such costs as land, water, fire services levy and sewerage charges, running costs of many recreational and other community facilities, resident support services, on-site security and emergency assistance, building insurance on your home and maintenance of common areas within the village.
What happens when I move from my home?
When a resident moves from their home, they receive money back from SwanCare Group without having to arrange for the sale of their residence. The refund the resident receives is determined by the length of time the resident has lived in their home and the calculation of the Deferred Management Fees (DMF) to be paid from the original Entry Loan. The DMF contributes to the cost of providing, maintaining and restoring the accommodation and of the community buildings and services enjoyed as a resident during their stay.
How is the resale price of our home determined?
Several factors add value to the resale potential of your home including services and amenities designed to enhance retirement living, maintenance programs ensuring the village remains attractive to all residents, current and future, security within the village and on-site emergency assistance. Pricing is usually guided by sales prices achieved by similar recently leased properties in the village and will reflect property trends within the local area.
Who will sell my home?
Another advantage to life in a SwanCare Retirement Living Community is that SwanCare Group will take responsibility for the process of re-leasing your home. Monies due to you will be paid promptly within the terms of your residence contract.
What happens if my home has increased in value from when I arrived?
When you vacate your home you are entitled to a share in any increased value of your home after deduction of the DMF’s.
Am I guaranteed entry to a SwanCare Group residential care facility if and when I should require it?
Whilst every assistance is provided to access care in a SwanCare Group residential care facility, government regulations for admission into care facilities prevent guarantee of placement. However, as a resident of a SwanCare retirement living community, you have access to a program of support services aimed at maximising independence for as long as possible.
The information on this page is general in nature and is intended as an overview of financial and contractual arrangements. Prospective residents should make their own inquiries, and discuss their individual circumstances with a SwanCare Group Retirement Living Representative.