Purchasing your home at Rendu Towers

You will acquire a right to reside in the Retirement Village by entering into a “Licence to Occupy” Agreement.

Residents “purchase” a licence to occupy the home by way of an interest free loan to the operator. While you reside in the home, your tenure is fully secure in accordance with the Retirement Villages Act 1999 (QLD). There is no registration on title. You will not be required to pay GST, stamp duty or council rates.

The Retirement Villages Act 1999 (QLD) protects you with:

  • Disclosure and cooling-off period during the contracting process;
  • Restrictions on the process to determine (or vary) any weekly fees payable by you;
  • Rights in relation to the resale of your apartment;
  • Limits on your obligation to pay for ongoing fees after you leave the village; and
  • Rights for you in relation to payment of your exit entitlement

Residents are required to be over 65 years of age, or if there is more than one resident acquiring the right to reside, one of them is required to be over 65 years of age.

Rendu Towers offers flexible entry price options with the “Deferred Management Fee” (DMF) model.

You have a choice with how much Ingoing Contribution you wish to pay as Rendu Towers offers individual tailored payment options to suit your personal circumstance.

Rendu Towers offers a standard purchase price option with a DMF of 30% calculated on the Ingoing Contribution.

Alternatively, you can choose to pay a higher Ingoing Contribution and a reduced DMF or a lower Ingoing Contribution and a higher DMF, subject to Ozcare’s approval.

The DMF is calculated as a percentage of your Ingoing Contribution. In the case of Rendu Towers, the DMF based on the standard list price is calculated as follows:

  • 10% for the first year
  • 5% each year for the next 4 years
  • Nothing thereafter

To secure your home you will pay a fully refundable holding deposit for your selected residence. The holding deposit amount varies depending on the size of the residence you have chosen:

  • $5,000 for a 1 bedroom
  • $10,000 for a 2 bedroom
  • $20,000 for a 3 bedroom
  • $25,000 for a Sky Pavilion
  • $30,000 for a Sky Home

You will not pay legal costs for drawing up the contract however we highly recommend that you get an independent review of the contract by your solicitor at your own cost.

Ingoing Contribution (purchase price) is payable at settlement.

Under the Retirement Villages Act 1999 (QLD) you will be provided with a suite of legal documents for you to review prior to making a purchase decision.

There is a minimum period of 21-days for you to review the Prospective Costs documents prior to signing the Residence Agreement. Should you wish to enter the Residence Agreement before the 21-day period, you can sign the 7-day Precontractual Disclosure Waiver document, executed by your solicitor.

We recommend you seek independent advice from you solicitor and financial planner.

Following is the suite of legal documents you will receive prior to purchase:

Expression of Interest (EOI)

For you to review, sign and pay a fully refundable holding deposit into Ozcare’s solicitor’s trust account to secure your residence at Rendu Towers.

Residence Agreement (RA)

Rendu Towers residence contract for you to sign and return 2 copies (after being in possession of and signed the Prospective Cost Document for a minimum of 21-days or 7-days if you have chosen to waiver the full term).

Prospective Costs Document (PCD)

Detailed information on the costs of your residence including move in to, during and leaving your residence.

Village Comparison Document (VCD)

Includes standard information about the village making it easy for you to compare to other retirement villages.

Precontractual Disclosure Waiver (7-Days)

For you to review with your solicitor, only required if you want to waive the 21-day PCD review period.

Frequently Asked Questions (FAQs)

Information and queries you may have about purchasing at the village.

The village has an extensive policy which ensures all buildings, including communal facilities and accommodation units, are covered in the event of disaster. Residents contribute to the cost of this insurance as part of the weekly fee.

You will be responsible for your private property, the contents of your home including fixtures and fittings. You will also be responsible for any accidental or deliberate damage to the home.

We understand that you may need to sell your existing property before you can settle. Accordingly, if required, Ozcare may make a Sunset Clause in the agreement, subject to such a sale and agree a suitable time frame to enable that to occur. After documents have been finalised, we will make all settlement arrangements with your solicitor.

Rendu Towers will help coordinate your move into the village to make the transition easier by assisting with the following:

  • Completion of the entry condition report for your new home;
  • Providing you with manuals for your appliances and keys for your apartment and the village;
  • Completion of relevant paperwork so that, for example, we have a record of your next of kin and contact details for your emergency contact; and
  • Helping you to complete the paperwork for your weekly fees.

Residing at
Rendu Towers

As a resident, you will pay a weekly fee to cover the costs associated with the lifestyle. Your weekly fee will include two components:

  • your General Services Charge; and
  • your Maintenance Reserve Fund Contribution.

The General Service Charges includes:

  • Management and administration of the Village and provision for staff and contractors including a Village Manager and/or relief staff;
  • Cleaning of common areas of the Village;
  • Day to day maintenance of Village gardens and facilities;
  • Council rates, building insurance and waste management.

The Maintenance Reserve Fund includes:

  • Maintenance and repair of the common areas of the Village;
  • Control and eradication of pests in the common property.

Your weekly fees do not cover your own or personal utilities (telephone, Wi-Fi and electricity), contents and vehicle insurance policies, personal alarms or personal care services.

In general, and subject to some limited exceptions, Ozcare cannot increase the general service charges by more than CPI – without residents’ approval in accordance with the Retirement Villages Act 1999 (Qld).

Rendu Towers will provide the proposed annual budgets, including the general services charge and maintenance reserve fund contribution amounts payable.

Yes of course! We encourage friends and family to visit and stay for a short time period. In the interest of safety and security of our residents and to help visitors get more from their stay, all visitors and residents must comply with our visitor policy.

Yes of course this is your home so your pet companions are welcome to come too. However, you will need to get approval first from Village Management. Our policy is that small pets are preferred.

At Rendu Towers all main living areas, master bedrooms and bathrooms are built with Senior Living in mind. Ozcare also offers private and government-funded community care support to assist residents to reside in-place within their own homes. If you choose to use Ozcare’s home care services whilst living in Rendu Towers the costs are separate to your retirement living costs.

Our homes are contemporary, sophisticated and inviting, with modern fixtures and fittings throughout. While most of our residents enjoy our units as they come, there is the option to make alterations to your new home. Any alteration is subject to our approval and will be at your cost to install and maintain. Please note, reinstate conditions apply to modifications.

Rendu Towers is built over 2 stages with 53 apartment residences and all communal facilities being built and operational from occupation of Stage 1.

Your Village Manager is a friendly face who will help make your time enjoyable, stress-free and will oversee the daily running of the village.

Yes of course! While you’re away we will continue to care for and maintain the outside of your home and collect your post for you. For emergency purposes, we will ask that you inform your Village Manager of your time away.

Yes of course! Many residents may require the services of visiting healthcare professionals, such as care providers, general practitioners, physiotherapists and podiatrists. You can choose to bring your own support service provider or alternatively Ozcare provides home support that can assist you with your home care needs. Please ask us about Ozcare’s home support service. It’s good to know, Ozcare is one of the largest and most qualified home care providers in Queensland and offers a discount for residents in Ozcare retirement villages.

Leaving
Rendu Towers

We understand that our residents’ needs change. If living independently is no longer an option and you require the care of a residential aged care facility, village management will work with you and your family to help make your transition smoother.

Rendu Towers has the benefit of being co-located with Ozcare’s Villa Rosalie aged care facility. As a resident of Rendu Towers you will have VIP access to Ozcare services including home care.

We understand that sometimes circumstances change. If you choose to leave your home, you will need to give appropriate notice of a minimum of least one month to Rendu Towers.

Our objective is to make the process as smooth as possible for your family. We will deal with your executors in relation to the termination of contractual agreements and exit entitlement.

Your direct debit payments for the maintenance and management of your village will cease after you vacate. Weekly fees will accrue for a maximum of 90 days (after you exit) and this accrued amount will be deducted from the exit entitlement payable to you (or your estate) when your home is resold. If your home is resold before the 90-day period passes, your weekly fees will only accrue up until the date that the new resident pays his/her ingoing contribution for the home.

When you vacate the village, you will be entitled to a payment which is referred to as your exit entitlement. Your exit entitlement is calculated by reference to the amount you paid when you entered the village (your ingoing contribution), less the exit fee payable by you.

Your exit entitlement is payable within 14 days of the date on which sale of your home to a new resident is settled. If your home has not been re-sold within 18 months of you vacating, you will be paid the exit entitlement (minus your deferred management fee and any other costs you’ve accrued).

Your exit fee is calculated on a daily basis in accordance with the terms of your Residence Contract.

Before you vacate your apartment, you will need to reinstate it, which means that you will need to bring it back to the condition that it was in when you moved in minus fair wear and tear.