Yallambee Villages operate under a loan/licence agreement. Under this arrangement, Yallambee Village retains ownership of the village property and resident pay an ingoing contribution up front. In return, residents are given a licence to occupy an apartment and the ability to use the village facilities.
In addition to the ingoing contribution, residents pay a weekly or monthly fee to contribute towards the day-to-day operating costs and maintenance of the village as well as a deferred management fee (DMF). The DMF is paid from the ingoing contribution and the remainder of the ongoing contribution is paid to residents following their withdrawal from the unit instead of being added to the purchase price.
There is also a non-refundable portion of $5,000 that is paid from the ingoing contribution. This aids in making Yallambee Village as reasonably priced as possible, allowing residents more money to enjoy their retirement. There is no requirement for residents to re-sell their unit on departure.
Yallambee Village is managed within the guidelines of the Retirement Villages Act 1999 which regulates the operation of retirement villages. The core purpose of this legislation is to offer peace of mind to our residents as the legislation safeguards the interests of both current and prospective residents.
The Department of Fair Trading is a helpful resource of information for anyone that is thinking about entering a Retirement Living Village. Their website is fairtrading.nsw.gov.au.
Our Evergreen guarantee:
- No Stamp Duty payable on entry
- No charge to you for refurbishment prior to re-sale of your property
- Settlement within 6 months of your departure, regardless of whether your apartment has been resold
- 90 day money back guarantee
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Evergreen Life Care is a community based not-for-profit organisation that takes an individual approach to aged care in the Central Coast.