Capital Sum
The Capital Sum is the price paid for the Occupation Right Agreement (ORA)* to secure your right to occupy the unit of your choice within any Metlifecare village. The Capital Sum varies according to the size and location of the unit you choose. Once all the conditions have been met, the Capital Sum is required to be paid on settlement.
* An Occupation Right Agreement is a legal document that gives you the right to occupy that unit and sets out the terms of your occupation.
Management Fee
The Management Fee, also referred to as the Deferred Management Fee (DMF), provides you with a raft of essential village and dwelling services.
These include:
- The refurbishment of your unit after you leave
- The re-licensing of your unit including all marketing activity
- Legal and settlement fees
- Long-term village maintenance
- Community facility chattels
For independent living units and serviced apartments, the Management Fee is capped at 30% of the original Capital Sum of your unit, with the 30% being accrued monthly at 10% per year for the first three years of occupancy. It is payable on the termination of your ORA, by way of deduction from the original price (i.e. the Capital Sum) of your unit.
Village Fee
When you live in a village you pay a Village Fee. This is a consolidated fee that captures costs such as council rates, water rates, building insurance, the upkeep of community facilities, gardening services, salaries and wages of the staff and village operations. This may vary slightly from village to village, so it's best to check which services are included within the fee and which ones you'll need to organise yourself.
By paying a Village Fee, the hassle of paying existing multiple bills is eliminated – one fee takes care of it all. Our transparent fee is reviewed once per year and won't increase more than the percentage change in the Consumer Price Index (CPI), helping to give you certainty over your annual outgoings.
Your own costs
Metlifecare is generally responsible for repairs/ maintenance to operator’s interior fittings and fixtures, except if damage is due to carelessness or negligence. Ask our sales team to clarify these details.
You will be responsible for the costs of utilities to the unit such as power, internet and telecommunications, as well as motor vehicle insurance if you have a vehicle. We also recommend you maintain contents insurance for your possessions.
