One-off Licence Fee
Villas are paid for by a one-off Licence Fee, the amount of which is determined by the type of villa selected. On your departure, this fee is refunded less a Deferred Management Fee. The Deferred Management Fee assists us in maintaining the abundant facilities on hand for resident's enjoyment, a fee which is deferred until after you leave the village. This arrangement is typical of the manner in which retirement villages operate and has three principal advantages for residents: (i) no stamp duty is payable, (ii) by law (the Queensland Retirement Villages Act), residents Licence Fee is secured against the value of the entire village and precedes even the right of a first mortgagee, thus affording the maximum possible security* and (iii) the cost of access to the broad range of facilities is deferred until after departure from the village.
Footnote: With respect to the security of your Licence Fee, a statutory charge has been created over the land of Kewarra Retirement Village following its registration as a retirement village under the Retirement Villages Act 1999 (QLD) ("the Act"). The statutory charge protects the repayment by Kewarra Retirement Village to each resident of their exit entitlement. The Act provides that the statutory charge is given priority over all registered securities in or over Kewarra Retirement Village and Kewarra Beach Resort and Spa. This priority prevails regardless of whether or not another mortgage was registered before the statutory charge was notified to the register of titles.
