Frequently Asked Questions
Who owns Parkwood Retirement Village?
What happens to the surpluses made in the Trust's operations?
What form of ownership do you have at Parkwood?
What is the size of the village?
What are the main features of the village?
There are many facilities, amenities and gardens and a 24 hour on call Village Care service.
Are all the houses the same?
Is there a waiting list?
What say do residents have in the running of the village?
Can you keep a pet?
Is there an entry fee?
How much of that fee do you get back on sale?
Do you have to pay a deposit to secure a villa?
What ongoing fees do you pay?
In the village you pay a monthly fee of $525 as well as an annual villa insurance premium, which is based on the size of the villa.
What does this fee cover?
How often are the fees reviewed?
Do monthly fees stop when you are away on holiday or move to the rest home?
How are the fees set?
What other costs is a villa occupier responsible for?
Are there any fees or charges payable when you leave the village?
If you are at Parkwood less than three years, the retention will be abated on a pro rata basis – for example if you are at Parkwood for eighteen months, the retention would be 10%.
What will you get paid when you leave and when will you be paid?
You will be paid the agreed value of the Licence to Occupy less the 20% retention when the licence is sold to a new licensee. If you move to Parkwood Lodge from a villa, the 20% retention will be taken when the villa licence is sold.
How is the villa valued?
Do you receive capital gains?
Yes, you receive 80% of any capital gains made on the sale of a villa Licence to Occupy, the value being agreed prior to upgrading work being undertaken by the Trust. You receive 50% of any capital gains made on the sale of an apartment Licence to Occupy.
Are there any other exit fees?
Who controls the sale of the villa?
Are there any fees or charges payable when you leave the Lodge?
Yes, you pay a retention of 2.0% plus GST per annum of the apartment licence value. This retention is offset by a refund you will receive for the accommodation rebate on termination of the licence. The retention charged (excluding GST) will not be greater than the refund payable to you.