Frequently Asked Questions
Q. Do I buy or lease the units?
A. Incoming residents enter into a simple and transparent 49-year Loan Lease Agreement on their chosen unit in return for an interest free loan. The Retirement Village Act 2006, which protects all retirement village residents, also covers this leasing arrangement.
Q. What are the costs involved?
1. Initial Lease Amount
This amount will vary depending on the unit selected and will be fully detailed and explained during preliminary discussions with our Manager.
2. Monthly Service Fee
This fee covers the provision and maintenance of the community facilities. It includes all staff costs, general insurance, maintenance of buildings, plant and equipment, common areas, gardens, lawns, energy, cost of public and common property areas, emergency call service costs, and other general cost of running the Village.
3. A Deferred Management Fee (DMF)
Deferred Management Fee (DMF) is the term used to describe the fee deducted by the Management at the time of the re-occupancy of your unit. As the term implies, this is a deferred recovery of a part of the costs associated with establishment costs of the Village and its infrastructure. It provides a discount on the ingoing cost and is effectively the only profit the owners make for their initial outlay. This fee structure is fairly standard, particularly in those villages carrying RVA Accreditation.
The DMF is largely calculated on the period of time you have been a resident at the Village. We charge 3% of the next incoming lease amount multiplied by the number of years or part of a year (calculated on a daily basis) for the time you have been in the village. The DMF is limited to 30% of whatever we realize for the unit. We also retain 50% of any difference between your ingoing amount and the ingoing amount of the new resident.
Q. Are residents consulted in the costs of the Village?
A. The service fee is reviewed annually by management, who plans the budget for the year ahead. Residents are fully consulted on all budget issues through the Resident Committee, and can have direct access to Management by appointment to discuss any concerns.
Q. Can I leave the Village?
A. Once you advise us of your desire to leave Morven Manor, we will do our best to find a new resident for your unit as soon as possible at the highest market price.
Q. How is the resale price determined?
A. As with all residential property, prices are determined by market forces. There are other factors in a retirement village that add potential value to your unit including stable management and the presentation of the Village and its amenities.
Q. When can I get my money back?
A. When your unit is re-leased, your lease will be refunded less fees within 14 days. If we have not found a new resident within six months of you leaving, we will pay you out regardless.
Q. Is the Village accredited?
A. Morven Manor is one of the small number of villages fully accredited by the Retirement Village Association of Australia by meeting their high standards of excellence and customer satisfaction through a rigorous process designed to ensure the protection of residents. The standards cover government legislation, resident services and lifestyle, organisational management, human resources and physical resource environment.
Q. Are pets accepted within the Village?
A. Morven Manor is one of the few Villages that will allow you to take most existing pets into the village, although strict rules apply. Unfortunately, once your old friend passes away, we are unable to grant permission to buy a new pet.
Q. Are guests allowed to stay in my Unit?
A. Certainly! The unit is your home, and we welcome all new faces into the Village. We ask that you advise the Manager if you are having guests for more than a day or two, to enable appropriate monitoring of units. Guests are not allowed without the permission of management when you are not occupying the unit.
A. Incoming residents enter into a simple and transparent 49-year Loan Lease Agreement on their chosen unit in return for an interest free loan. The Retirement Village Act 2006, which protects all retirement village residents, also covers this leasing arrangement.
Q. What are the costs involved?
1. Initial Lease Amount
This amount will vary depending on the unit selected and will be fully detailed and explained during preliminary discussions with our Manager.
2. Monthly Service Fee
This fee covers the provision and maintenance of the community facilities. It includes all staff costs, general insurance, maintenance of buildings, plant and equipment, common areas, gardens, lawns, energy, cost of public and common property areas, emergency call service costs, and other general cost of running the Village.
3. A Deferred Management Fee (DMF)
Deferred Management Fee (DMF) is the term used to describe the fee deducted by the Management at the time of the re-occupancy of your unit. As the term implies, this is a deferred recovery of a part of the costs associated with establishment costs of the Village and its infrastructure. It provides a discount on the ingoing cost and is effectively the only profit the owners make for their initial outlay. This fee structure is fairly standard, particularly in those villages carrying RVA Accreditation.
The DMF is largely calculated on the period of time you have been a resident at the Village. We charge 3% of the next incoming lease amount multiplied by the number of years or part of a year (calculated on a daily basis) for the time you have been in the village. The DMF is limited to 30% of whatever we realize for the unit. We also retain 50% of any difference between your ingoing amount and the ingoing amount of the new resident.
Q. Are residents consulted in the costs of the Village?
A. The service fee is reviewed annually by management, who plans the budget for the year ahead. Residents are fully consulted on all budget issues through the Resident Committee, and can have direct access to Management by appointment to discuss any concerns.
Q. Can I leave the Village?
A. Once you advise us of your desire to leave Morven Manor, we will do our best to find a new resident for your unit as soon as possible at the highest market price.
Q. How is the resale price determined?
A. As with all residential property, prices are determined by market forces. There are other factors in a retirement village that add potential value to your unit including stable management and the presentation of the Village and its amenities.
Q. When can I get my money back?
A. When your unit is re-leased, your lease will be refunded less fees within 14 days. If we have not found a new resident within six months of you leaving, we will pay you out regardless.
Q. Is the Village accredited?
A. Morven Manor is one of the small number of villages fully accredited by the Retirement Village Association of Australia by meeting their high standards of excellence and customer satisfaction through a rigorous process designed to ensure the protection of residents. The standards cover government legislation, resident services and lifestyle, organisational management, human resources and physical resource environment.
Q. Are pets accepted within the Village?
A. Morven Manor is one of the few Villages that will allow you to take most existing pets into the village, although strict rules apply. Unfortunately, once your old friend passes away, we are unable to grant permission to buy a new pet.
Q. Are guests allowed to stay in my Unit?
A. Certainly! The unit is your home, and we welcome all new faces into the Village. We ask that you advise the Manager if you are having guests for more than a day or two, to enable appropriate monitoring of units. Guests are not allowed without the permission of management when you are not occupying the unit.
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