Is there an entry fee?
Yes, there is an entry fee called a Common Facility Site Donation, which is $35,000 for villas, $20,000 for flats and $10,000 for Parkwood Lodge apartments. The entry fee is always included in prices quoted to you.
How much of that fee do you get back on sale?
If you are at Parkwood in a villa or flat for less than one year, a portion of the fee will be refunded on a pro rata basis. The Common Facility Site Donation for Parkwood Lodge apartments is non-refundable.
Do you have to pay a deposit to secure a villa?
No, you do not pay a deposit. All settlement monies are due and payable on the date of sale at the time a new Licence to Occupy is issued.
What ongoing fees do you pay?
In the village you pay a monthly fee of $510 as well as an annual villa insurance premium, which is based on the size of the villa.
What does this fee cover?
The fee covers local body rates, external villa maintenance, village maintenance, grounds maintenance, 24 hour on call Village Care service, use of community facilities and most of the maintenance officers’ services.
How often are the fees reviewed?
Fees are reviewed annually, with any changes taking effect in May.
Do monthly fees stop when you are away on holiday or move to the rest home?
Fees do not stop while you are away on holiday; however when a resident moves into the rest home or hospital permanently, villa fees cease as soon as the villa valuation is agreed.
How are the fees set?
The fees are set on the basis of recovering the costs of running the village for that year.
What other costs is a villa occupier responsible for?
You still pay your normal household costs, including power, gas, contents insurance, telephone and internal maintenance.
Are there any fees or charges payable when you leave the village?
Yes, you pay a retention of 20% of the villa licence value on settlement when you leave Parkwood. The 20% is calculated on the agreed market value of the unit at the time you vacate it.
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 Lodge apartment licence is sold.
How is the villa valued?
The villa is valued independently at market value, and this value is agreed by the parties before any upgrading work is undertaken. The Trust undertakes any upgrading work necessary on behalf of the incoming resident.
Do you receive capital gains?
Yes, you receive 80% of any capital gains made on the sale of the Licence to Occupy, the value being agreed prior to upgrading work being undertaken by the Trust.
Are there any other exit fees?
Yes, the Trust charges an administration fee of $690 on the sale of the villa licence. This cost helps cover the valuation, cleaning and administration costs involved in the sale process.
Who controls the sale of the villa?
Parkwood Trust does all the marketing and sales work for the Licence to Occupy sale process.
Are there any fees or charges payable when you leave the Lodge?
Yes, you pay a retention of 1.75% 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.