Arrangements
St. Matthews Homes operates under the rules and regulations of the South Australia Retirement Villages Act 1987. A resident must have attained the age of 55 years and be retired from full-time employment.
Three forms of accommodation are available, a "Rental Only" arrangement, a non-refundable "Donation" option and a "Resident Funded Loan/Licence" option of which there are two examples.
Rental Arrangement
The rental option requires no entry fee to be paid, only a calendar monthly rental/maintenance amount. Rental units are usually made available to those persons who have limited access to capital reserves or investments. All rental units comprise one bedroom with a separate kitchen and lounge.
The maintenance for a “Rental Only” unit is currently capped at 25% of the Aged pension.
Donation Arrangement
A non-refundable donation is payable on the allocation of a unit, or by special arrangement if an applicant has a home to sell prior to occupation. In addition, a calendar monthly maintenance fee covering recurrent costs, such as rates and taxes, building and garden maintenance and insurances, is payable during occupation.
Donation amounts depend on the size and position of the unit. The monthly maintenance fee also varies in relation to the size and location of each unit.
Resident Funded Loan/Licence Arrangement – Kensington Mews Option
Units are sold at current market value, with prices varying according to the size and position of the unit. Monthly maintenance fees also vary according to the size of the unit. Pensions receive a monthly rebate off the non-concession rate.
When a unit is relicenced sometime in the future, St. Matthews Homes retains a percentage of the next loan value (ie. The selling price).
Formula:
- Village owner retains 5% per annum for a maximum period of 6 years.
- Maximum retention by St. Matthews Homes after 6 years of occupation is 30% of the selling price.
- Minimum return to the vacating resident or to their estate is 70% of the selling price (1st year 5/95, 2nd year 10/90, 3rd year 15/85 etc to 30/70)
Resident Funded Loan/Licence Arrangement – Dempster & Swan Court Option
A limited number of two bedroom units are offered on a resident funded basis.
When a unit is relicenced sometime in the future, St. Matthews Homes retains a percentage of the original loan value, and refunds the balance to the vacating resident from the subsequent loan proceeds.
Formula:
Village owner retains 10% per annum for a maximum period of 3 years.
Maximum retention by St. Matthews Homes after 2 plus years of occupation is 30% of the original loan value.
Minimum return to the vacating resident or to their estate is 70% of the original loan value (1st year 10/90, 2nd year 20/80, beyond 2nd year 30/70).
