This is what makes Summerset special All up, you’ll find that life in a Summerset village is a life that you define. You have everything you need, including a beautiful and welcoming home, a busy community, lots of activities, and the freedom to come and go as you wish. And you’re set up for whatever lies ahead, with great services, caring staff, a range of facilities, and a clear and transparent financial arrangement.
Financial Summerset
Many others
Deferred Management Fee
No more than 25% (unless otherwise agreed with you)
Can be as high as 40%
Summerset Sure guarantee
Your home comes with our Summerset Sure 90 day guarantee. This means if you decide 90 days after moving into your Summerset independent living home or serviced apartment that Summerset isn’t right for you, we’ll refund your ingoing contribution without deducting the deferred management fee (some conditions apply)
There is no money-back guarantee; once you’ve bought, you’re committed
Capped increases to weekly fees
Any increases will be the percentage increase in CPI*
May ask you to accept increases above the cap
Responsibility for weekly fees
You stop paying weekly fees as soon as you permanently vacate your home and return your keys
You may continue paying weekly fees for up to six months
Capital repayments
We’ll return your capital as soon as your home is reoccupied or six months after you have moved out, whichever comes first
Sometimes, your capital won’t be returned until your home is on-sold
No further capital payments
If you transfer from an independent living home to a serviced apartment at the same village and it costs more than the equity in your current home, you won’t have to make a capital payment
If you transfer to a serviced apartment and it costs more than the equity in your current home, you will have to pay the capital difference there and then
No capital loss
If there is any capital loss on your property, we’ll absorb that
You may have to pay any capital losses
No costs when selling your home
There are no charges, other than for refurbishment for damage beyond fair wear and tear or making good alterations made by you (if required)
You may have to pay for a range of things, including refurbishments, marketing and other costs
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*Subject to any changes in the Victorian Retirement Villages Act.
