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About the village

Our fees

We’ve created a fee structure to help you enjoy the home, community and lifestyle you’ve always dreamed of in your retirement.

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Let’s talk about fees

Purchasing your new home in a retirement village is a little different to buying a typical residential property and at Somerset Indooroopilly, we’ve created a fee structure to help you enjoy the home, community and lifestyle you’ve always dreamed of.

Somerset Indooroopilly is developed and managed by experienced Queensland retirement community operator, Aura Holdings. At Aura, we believe in being clear, transparent and fair in our approach so we want to take a moment to provide details about what your purchase will look like at our village.

We actively encourage all our future residents to seek independent financial advice to ensure they’re making the decision that is right for them.

Purchasing your new home

We know that making the move into a retirement community is a big decision, so when you find the Somerset apartment that’s right for you, our dedicated team will be there to answer your questions every step of the way.

Deposit

When securing your apartment or penthouse at Somerset Indooroopilly, 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.

At Somerset Indooroopilly, your apartment purchase can be subject to the sale of your existing home.

Purchase price/lease premium

When you’re ready to make the official move into your new home at Somerset Indooroopilly, you will need to complete the payment for the apartment that you are purchasing. Somerset offers options from $680,000*.

*Prices subject to change

Living in your new home

Your Village Manager looks forward to helping you organise removalists, transfer your phone and other services, and introduce you to all your new friendly neighbours at Somerset Indooroopilly.

In fact, your friendly Village Manager will take care of everything so you can relax and make the most of life in our village.

General Services Charge (GSC)

Once you move in, you’ll enjoy a supportive, social and secure lifestyle while our dedicated team manages the home and garden maintenance. Our weekly General Service Charge covers these costs.

Similar to Body Corporate fees, the GSC covers the maintenance of facilities, common areas and apartments, building insurance, common electricity, Council and water rates. Unlike Body Corporate fees no special levies can be raised.

Under legislation covering retirement villages, operators are not allowed to profit from the GSC.

The GSC varies on the size of the apartment at Somerset Indooroopilly, and ranges between $150 – $250* per week.

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 care services.

Leaving our village

We know that it can often be difficult for you and your family when the time comes to leave our village, so we’ve made this process as straightforward as possible.

Deferred Management Fee (DMF)

Like the majority of retirement villages, Somerset Indooroopilly retains a portion of the funds from the sale of your apartment when you exit our village.

At Somerset Indooroopilly, we have a maximum 32.5% DMF accrued over 10 years.

Most importantly, the DMF is calculated on the sale price of your apartment rather than the purchase price, meaning you benefit from the majority of capital gain your apartment accrues over time.

Easy exit

To ensure there are no surprises when you exit our village, unlike other operators, 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.

To compare our fee structure with other operators, download our DMF Comparison flyer

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What makes us different

Benefit from capital gains

Our Deferred Management Fee (DMF) is calculated on the sale price of your apartment rather than the purchase price, meaning you benefit from the capital gain your apartment accrues over time.

No sales and marketing costs

At Somerset Indooroopilly 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.

Download our Village Comparison Document

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Interested in finding out more about our fees?

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