FAQ Retirement Living
We understand that making the decision to move to a village can be daunting. Here are some of the most commonly asked questions and our answers that may assist you with your decision. Of course, we're here to talk personally with you about any other questions you may have too.
As with most retirement villages, when you choose a KeyInvest Village you purchase a 'Licence to Occupy' your chosen home under Terms and Conditions set out in a standard contract. The Retirement Villages Act protects your accommodation rights. With this model, in paying the purchase price, you essentially make what can be best described as an interest-free loan to KeyInvest. When you choose to sell your licence, the loan will be repaid less a management fee (commonly called the Deferred Management Fee or DMF) based on your length of tenancy and changes in the home's market value. Full details are available at any time from KeyInvest and all fees and charges are clearly disclosed before you commit to a 'Licence to Occupy'. A monthly maintenance fee covers village staff wages, council and water rates (where not separately assessed i.e. Chiton and Wimmera Lodge), external maintenance of the home, the upkeep of communal areas and the maintenance and or replacement of core appliances provided in the homes such as stoves, air-conditioners and hot water services. The maintenance fee and some details vary depending on the village – please contact us for information relating to your preferred village.
The DMF is the financial amount retained by KeyInvest from the re-sale of the home when it's vacated. KeyInvest, like the majority of retirement village operators in Australia, use the DMF model as it allows the home to be bought for a reduced amount, effectively deferring some of the cost of acquisition to when you leave the village. It's important to remember that residing in a retirement village provides benefits that a normal home doesn't – access to the Community Centre and associated facilities, living amongst those who share similar interests and activities, reduced time and effort on house maintenance and so on. You'll often find that a KeyInvest home (especially when combined with all the other benefits) offers far superior lifestyle value than an equivalent home "outside" of the village. KeyInvest is able to offer quality homes for competitive prices because we defer some of the purchase price to when you leave, allowing you the benefit of these funds whilst you're a resident.
Yes. Under our standard Residence Contract if the home is sold for an amount that produces a capital gain, a KeyInvest resident does share in this gain. For example, if a home is purchased for $250,000 and sold 10 years later for $350,000 the DMF will be based on the sale price ($350,000). The resident receives $350,000 less the DMF and other fees that may be applicable (any other fees, if charged, are clearly disclosed in the Contract and to the resident before signing a Contract).
Before increasing the charge for a particular general service, KeyInvest will consider whether there is a more cost-effective alternative solution. If it's going to cost the residents, we will only offer a new service if the residents agree to it being supplied by special resolution at a residents' meeting.
KeyInvest insures the village including the homes 'owned' by residents. Residents are responsible for "household and contents" insurance covering all personal items.
KeyInvest prepares an Annual Budget and in consultation with the local Residents' Committee determines the maintenance fee for the next year. We also have to provide a financial report for the past 12 months, which is independently audited. The maintenance fee must be based on the actual costs incurred and KeyInvest works closely with our Residents' Committees to ensure open and clear communications about the Budgets.
Residents typically establish a Residents' Committee. The Committee deals with KeyInvest on behalf of residents regarding the day to day running of the village and any complaints or proposals raised by the residents. Establishment of a Residents' Committee is not mandatory - it's a matter for residents, though we strongly encourage it.
When a home is vacated, KeyInvest places a percentage of the outgoing amount in a Trust Fund. This Fund ensures major facilities can be extended or replaced when they get beyond their useful age e.g. a swimming pool. This Capital Replacement Fund ensures that you, as a new resident, and all future new residents, have the benefit of infrastructure that is in good working order which is critical in ensuring the quality of the village and the future value of your home is maintained.
KeyInvest will provide comprehensive information to you in our Residence Contract as required by the Retirement Villages Act. It contains information on the:
- Cooling off period after you sign the contract.
- Ingoing contribution payable.
- Maintenance fee charges.
- Refund calculations and timings.
- Exit fees payable.
- Resident's capital gain entitlement.
- Re-sale arrangements.
- Residence rules.
- Dispute resolution process.
- Rights to terminate the contract.
You can also talk to groups such as the Seniors Information Service and Centrelink.
The major (and extremely rare) reason for termination is if your village home is no longer suitable for you given your health - which generally means you need to move on to aged care for your own welfare. Other than for health reasons, KeyInvest would only consider terminating a Residence Contract if a resident has intentionally injured a person in the village or intentionally damaged village or personal property. Any disputed termination by KeyInvest is referred to the South Australian Civil and Administrative Tribunal (SACAT) to rule on the matter.
The minimum age to join a village is usually 55, with at least one member being semi-retired. Incidentally, this age limitation is a rare example of where the law allows discrimination by age!
You can stay in your home, usually as long as you can cope with it and can look after yourself, provided you qualify for occupancy under state laws and the terms of the Residence Contract. It can sometimes be a problem if the Contract is in the name of the deceased resident only. For better protection, the Contract should always be in names of all the persons who intend to permanently reside in the home at the time the Contract is signed.
Absolutely – KeyInvest encourages appropriate pets such as cats, small dogs, fish or birds. However pets are not allowed to inconvenience other residents or flora and fauna (exceptions apply to Chiton due to wetland nearby).
Absolutely – friends and family are welcome to enjoy short stays with you. In specific situations, extended stays may be considered at the discretion of the Village Manager.
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For Kay and I moving into the McLaren Vale Lodge, back in February 2015, was just what we needed. We were at that stage when “downsizing” was a real option for us. The 3 bedroom unit gave us all the space we needed including a home office as well as room for the grandchildren when visiting. Living space is more than adequate and with it all being newly refurbished it’s so easy to maintain. We were welcomed by everybody we came in contact with including staff as well as residents and new neighbours.
Bryan and Kay
McLaren Vale Lodge
My decision to move happened very suddenly 3 years ago when my husband had to go into care. I had never lived on my own, so was a bit apprehensive. I am very happy that we found Wimmera Lodge, as it is everything I hoped for. We have a very friendly group of residents, and together have quite a good social life (if we wish). I feel very safe and have never had any reason to be nervous. We are only 5 minutes from the CBD, and have a town bus stop a short work away for anyone who does not drive. It is a very quiet area in a nice new neighborhood. My home is very cosy and comfortable and I would recommend the life-style to anyone.
Four and a half years ago we moved from the city to Woodside Lodge and continue to be very happy with our decision. Our modern villa provides us with privacy and allows us to put our own imprint internally as well as outside in the garden. It was important to us that our family, especially our grandchildren, found our new location a place where they were welcome and wanted to visit. This is evident by their regular visits. Family members refer to Darrol as the unofficial ‘ambassador for Woodside and the Adelaide Hills’.
Marlene and Darrol
We came across Winzor Retirement Estate, we liked it straight away mainly because it had privacy in the back garden. Winzor Retirement Estate isn’t too big which we also liked, it means you get to know everyone and it’s secure. It’s a great lifestyle with all amenities close by and we don’t have to worry about maintenance problems as most are handled by KeyInvest. We would certainly recommend this village to anyone thinking of moving into a retirement village.
Elaine and Malcolm
Winzor Retirement Estate
I have a lovely 2 bedroom unit, drive in lock up garage, a manageable front and back garden and wonderfully caring neighbors. I can also be in the city by bus in 15 minutes and to the beach in 40 minutes. I now have the time to do the things I enjoy, like overseas holidays. You can just shut the door and know everything is fine. It gives you a sense of freedom and it’s comforting knowing you have a good village manager - any problems and he is there to fix it. It’s a real feeling of peace of mind, my family are close. I am happy and they’re happy.
Gables of St Morris