FAQs

What costs are associated with living in a village?

There are four key cost elements associated with living in a villa or apartment at a* village:

1.) The Occupation Licence Payment – This is the amount you pay upfront as a capital sum for your Occupation Right Agreement, giving you the licence to occupy a villa or apartment**.

2.) The Deferred Management  Fee – The Deferred Management Fee details are set out in the Occupation Right Agreement. Your solicitor will explain these details to you before you sign an Agreement to purchase an Occupation Right Agreement for a villa or apartment. However, a general explanation of the Deferred Management Fee is:

• The fee is an amount equal to 10% per annum of the Occupation Licence Payment. This fee accrues on a monthly basis for the first three years of occupation.
• The maximum amount payable as a Deferred Management Fee is equal to 30% of the Occupation Licence Payment.

3.) The Weekly Village Fee – This fee covers the ongoing maintenance and overhead costs of running the village. The fee varies from village to village and covers costs such as building maintenance, gardening, roading, outdoor lighting, utilities, community centres, insurance, and the village van costs. This fee is fixed for life – guaranteed and stops when you vacate your unit.

The current terms of Oceania’s offer and occupation right agreement provide that the weekly fee is “fixed for life”.  These terms are subject to change for future occupation right agreements.

 

4.) User-Pays Goods & Services – These are goods and services that you may wish to have just like your own home that are not covered in the weekly fee eg. home phone, broadband, SKY TV, personal contents insurance, entertainment outside the standard village activities, home cleaning, meals.

 

* Different terms will apply for occupation right agreements for care suites at a village

** All occupation licences for villas and apartments at an Oceania village are secured by a first-ranking encumbrance or mortgage over the village land in favour of the village’s Statutory Supervisor