Fees
We pride ourselves on keeping things simple and believe fee structures should be fair, transparent and uncomplicated.
Let’s talk about The Ninth fees
Buying an apartment in a retirement community is a little different than buying a typical residential property. At Aura, we pride ourselves on keeping things simple and believe fee structures should be fair, transparent and uncomplicated. That’s why we have a straightforward Deferred Management Fee on the exit sale price, so you benefit from the capital gains when selling your apartment.
What makes Aura different?
Benefit from capital gains
Our DMF is calculated on the price you achieve when you sell your apartment and the length of time you reside in the village. Unlike other operators, at Aura Holdings when you sell your apartment, you receive the majority of capital gain accrued over time.
No sales and marketing costs
At The Ninth Middle Ridge, we have our own in-house sales and marketing teams that will handle everything from advertising and open homes through to paperwork and consultations – all free of charge and with regular communication.
No refurbishment costs
You and your family will have peace of mind knowing that when it’s time to sell, we will organise and pay for any reinstatement or refurbishment needed to prepare your property for sale.
How does Deferred Management Fee work?
Buying an apartment in a retirement community is a little different than buying a typical residential property.
At Aura, we believe in being clear, transparent and fair in our approach so we wanted to take a moment to provide detail about what your investment would look like at The Ninth Middle Ridge.
Fees
Deposit
When securing your apartment, your only commitment is a $5,000 fully-refundable deposit. This amount remains in a solicitor’s trust account. When you settle on your apartment, your deposit will be applied to the purchase price or refunded if you don’t proceed with settlement.
Purchase price/Lease premium
This is the price of the apartment that you are purchasing.
No Stamp Duty
There is no stamp duty payable on the purchase of your apartment.
General Services Charge (GSC)
Similar to Body Corporate fees, the GSC is a special levy that covers the maintenance of facilities, common areas and apartments, building insurance, common electricity, Council rates and water rates. Unlike with a Body Corporate, no special levies can be raised.
Under legislation covering retirement villages, operators are not allowed to profit from the GSC.
What it includes:
- Lease of land
- Council rates
- Water rates
- Building insurance
- Landscaping of communal areas
- Community management including the on-site village management team
- Facilities, common areas and apartments maintenance
Personal expenses
While the GSC covers many of the expenses you would encounter living in a residential property, you are still required to pay for your own water usage and electricity, and any personal expenses such as phone, internet, contents insurance and domestic or in-home support services.
Deferred Management Fee (DMF)
At The Ninth Middle Ridge, when you sell your apartment you receive the majority of capital gain accrued over time.
Like the majority of retirement villages, The Ninth Middle Ridge retains a portion of the funds from the sale of your apartment when you exit our village.
The Deferred Management Fee (DMF) is calculated on the price you achieve when you sell your apartment and the length of time you reside in the village. At The Ninth Middle Ridge, there is a maximum 33% DMF accrued over five years.
This helps cover the cost of shared facilities and the replacement of capital items to keep the village looking as good as the day it was built. It also covers sales and marketing costs, the refurbishment of your apartment, and legal fees so you don’t have to worry about out of pocket expenses.
To compare our fee structure with other operators, please see below our DMF Comparison table.
Easy exit
To ensure there are no surprises when you exit our village, we do not charge any additional fees for sales and marketing or the reinstatement or refurbishment of your apartment.
We will pay both your legal fees (up to $1,100) and our own legal fees.
By law, we will also buy back your apartment if it has been on the market for 18 months to give you the certainty to plan your next move
Downloads
DMF Comparison Flyer
To compare our fee structure with other operators, download our DMF Comparison flyer
Village Comparison Document
To compare our villages, download our Village Comparison Document
The Ninth Middle Ridge
Unmatched comfort and security, vibrant social connections, and a range of tailored amenities