Fees & Charges

Licence Agreement

For Cooee Retirement Village, the Individual Living Units are licenced to clients for an up-front sum ranging from $105,000 for a single bedroom villa to $360,000 for the units currently being built. Each year Cooee keeps a percentage of the value of the house; 10% year 1 and 2.5% each year from year 2 to year 10, at which point the value is held. You can see examples of how this looks financially in the 'example of retention draw downs' tab.

A licence agreement grants you the right to occupy the premises. The resident does not own the premises nor do they have a legal interest in it. Further information regarding a licence agreement can be obtained from the Department of Fair Trading or Cooee Lodge Retirement Village.

We are proud of the fact that we are able to keep our fees relatively low. According to the 2016 PwC/Property Council Retirement Census the average price for a two-bedroom retirement village unit is $398,000. 

Maintenance Fee

Residents are charged a weekly maintenance fee based on 25% of the basic single aged pension (excluding supplement) with increases twice per year in line with CPI increases.

The maintenance fees cover Council rates (water, sewerage and garbage), building maintenance internal and external (but excluding repairs to personal property of the resident), maintenance of lawns and gardens and insurance on the building (not contents).

The staff at Cooee Lodge Retirement Village will assist with any maintenance queries you may have. This also applies for urgent maintenance (for example a blocked sewer or burst water pipe) and is available all hours.

Maintenance such as pest control, window cleaning (external) and replacement of smoke detector batteries is organised on an annual basis for the whole village and you will be given adequate notice of these events.

Additional Expenses

Residents are responsible for:

  • Insuring the contents of their units
  • The cost of electricity, gas (if applicable) and phone usage
  • Their own living expenses

 

Example of retention draw downs:

 

“Purchase price” of $150,000 “Purchase price” of $250,000

Applicable draw down % Draw Down $ Amount Amount refundable if resident departs: Draw Down $ Amount Amount refundable if resident departs:
Timeframe

 

Entry 10% $15,000 $130,500 $25,000 $225,000
Year 2 2.50% $3,750 $126,750 $6,250 $218,750
Year 3 2.50% $3,750 $123,000 $6,250 $212,500
Year 4 2.50% $3,750 $119,250 $6,250 $206,250
Year 5 2.50% $3,750 $115,500 $6,250 $200,000
Year 6 2.50% $3,750 $111,750 $6,250 $193,750
Year 7 2.50% $3,750 $108,000 $6,250 $187,500
Year 8 2.50% $3,750 $104,250 $6,250 $181,250
Year 9 2.50% $3,750 $100,500 $6,250 $175,000
TOTAL 30%