Admission & Fees
- Who is eligible?
- How much does it cost?
- How do I decide which option to select?
- What if I do not have the full ingoing contribution?
- When do I have to pay my ingoing contribution?
- What if I lose my partner or enter into a new relationship?
- What do I get for my money?
- What do I pay under option 'A'?
- What do I pay under option 'B'?
- What do I pay under option 'C'?
Who is eligible?
Royal Freemasons welcomes people from all walks of life and anybody over the age of 65 is eligible for a place in one of our Independent Living Units. However, invalid pensioners will also be considered and, in the case of couples, only one person needs to be of pensionable age.
How much does it cost?
There are three payment options from which you may choose when moving into one of our Independent Living Units. Different financial arrangements apply at our 3 Marjorie Nunan Homes sites located in Brunswick where no ingoing contribution is required. Further information on the Independent Living Units at Marjorie Nunan Homes is available on request.
Option 'A' involves a relatively low ingoing contribution and an ongoing monthly accommodation fee for which you attract a rent assistance payment with your pension.
Option 'B' involves a higher ingoing contribution and no ongoing monthly accommodation fee in the first ten years of residency.
Option 'C' also involves a higher ingoing contribution, which is returned to you less a 2.5% deduction for the first 10 years of your stay and a modest ongoing monthly fee.
Under each of these options the ingoing contribution varies between developments reflecting variations in the quality and cost of accommodation offered.
How do I decide which option to select?
We strongly advise that you discuss these options with your financial adviser so that you can choose the option that suits you best.
What if I do not have the full ingoing contribution?
We may still be able to offer admission if you are unable to pay the full ingoing contribution in some circumstances. We would require you to complete a statutory declaration outlining your financial position. You may then be advised that we require either a lower or possibly no ingoing contribution.
When do I have to pay my ingoing contribution?
We expect you to pay the ingoing contribution prior to or upon admission. The payment may be delayed for a period not exceeding 12 months if you are waiting for funds to become available, from the sale of your previous home for example. However, you will be required to pay interest at the current rate of 4% on the outstanding amount.
What if I lose my partner or enter into a new relationship?
If your partner dies or permanently leaves to live elsewhere, your monthly accommodation fee would be reduced to the single rate if you were admitted under Option A.
Where a single resident acquires a new partner, that person would be required to pay an ingoing contribution which is 25% of the Option A amount at the time subject to an assets test. You would also convert to the couples' accommodation fee if you were admitted under Option A. Your new partner would also pay the single accommodation fee if you leave or die, regardless of the fee option you were admitted under.
What do I get for my money?
Independent Unit Accommodation
You are entitled to all the advantages of independent unit living with Royal Freemasons for as long as you can cope in this accommodation (many residents stay over 20 years) without any maintenance costs, rates, council or government property charges.
Residential Aged Care Accommodation
Royal Freemasons offers all independent unit residents priority access for admission to one of our aged care accommodation facilities should they need that level of care regardless of their income or assets. These include a hostel and four nursing homes, including three specialist units caring for persons with dementia.
We are also able to offer you respite care if you need temporary care following an illness and are eligible under government requirements.
Care in Your Own Unit
At our metropolitan independent units your need for additional care may be met through the provision of a Community Aged Care Package which provides care to you in your own unit. Admission to one of our care packages requires approval from ACAS to ensure eligibility.
What do I pay under option 'A'?
Ingoing Contribution
Both single residents and couples are required to pay an ingoing contribution. Single residents and couples pay the same ingoing contribution but couples pay higher ongoing fees. The ingoing contribution amount varies between developments. See our Independent Unit Current Rates sheet.
Please note, only full pensioners will be eligible for rent assistance.
Refund of Ingoing Contribution
Royal Freemasons deducts 10% of your original ingoing contribution each year or part thereof over the first 10 years of your residency. If you leave our independent unit accommodation, the balance of your ingoing contribution (if any) will be returned to you or your estate. If you transfer to our residential care facilities, and have sufficient assets, you will be required to pay a low care accommodation bond or a high care accommodation charge in accordance with the provisions of the Aged Care Act 1997. In the case of couples, a refund of the ingoing contribution balance (if any) is only provided when both partners leave.
Ongoing Fees and Charges
Residents are required to pay a monthly accommodation fee. The amount for Option A is shown on our current rates sheet.
However, after allowance for rent assistance, which is paid to you directly with your pension, the real cost is greatly reduced. The figures in brackets show the net cost of the accommodation fee after the receipt of rent assistance. All persons receiving even a part pension are currently entitled to the full applicable rent assistance payment.
The monthly accommodation fee is normally only adjusted annually in line with increases in the Melbourne Consumer Price Index.
If you shift to low or high care accommodation, different ongoing fees apply, however the amount you pay will be regulated by the government so that you will always be kept at a rate that you can afford.
Advantages of Option 'A'
This option requires only a relatively small ingoing contribution, thereby enabling admission by applicants with limited assets and allowing residents with substantial assets to invest or spend their assets as they see fit. The monthly accommodation fee, which may at first appear substantial, becomes very modest when allowance is made for the rent assistance this charge attracts.
What do I pay under option 'B'?
Ingoing Contribution
Both single residents and couples are required to pay an ingoing contribution. The amount required varies between developments. See our Independent Units Current Rates sheet.
Refund of Ingoing Contribution
Royal Freemasons deducts 10% of your original ingoing contribution each year for the first ten years of your residency. If you leave our independent units within this period, the balance of the ingoing contribution will be returned to you or your estate. However, if you transfer to one of our low or high care accommodation facilities, and have sufficient assets, you will be required to pay a low care accommodation bond or a high care accommodation charge in accordance with the provisions of the Aged Care Act 1997. In the case of couples, a refund of the ingoing contribution balance (if any) would not be given until both partners leave.
Ongoing Fees and Charges
There are no fees or charges for the first ten years of residency in an independent unit. After ten years, both single residents and couples will be required to commence paying the monthly accommodation fee at the single rate applying for Option A at that time.
If you shift to one of our low or high care accommodation facilities, different ongoing fees apply, however the amount you pay will be regulated by the government to ensure that you will always be able to afford to pay.
Advantages of Option 'B'
Option B offers the advantages of no ongoing fees or accommodation related costs in the first ten years of residency. It is designed to be attractive to persons who are considering their investment options and believe that the net benefit they gain from investment income is quite small after its impact on their taxation, pension and other benefits are taken into account.
What do I pay under option 'C'?
Ingoing Contribution
Both single residents and couples are required to pay an ingoing contribution. The amount required varies between developments. See Independent Unit Current Rates sheet.
Refund of Ingoing Contribution
Royal Freemasons deducts 2.5% of your original ingoing contribution for the first 10 years of your residency. When you leave the balance is returned to you or your estate. The minimum amount you will receive back after 10 or more years is 75% of the ingoing contribution paid. If you leave before 10 years you will receive more than 75% back. In the case of couples, a refund of the balance, if any, will not be provided until both partners leave.
If you transfer to one of our low or high care accommodation facilities, and have sufficient assets, you will be required to pay a low care accommodation bond or a high care accommodation charge in accordance with the provisions of the Aged Care Act 1997.
Ongoing Fees and Charges
Both single residents and couples are required to pay a monthly accommodation fee. The amount is shown on the current rates sheet. The payment of this fee entitles you to rent assistance if you are a full or part pensioner. The figure in brackets in the current rates sheet shows the net cost to you after the receipt of rent assistance.
The monthly accommodation fee is normally only adjusted annually in line with increases in the Melbourne Consumer Price Index. If you shift to one of our low or high care accommodation facilities different fees apply; however, the level of payment will be regulated by the government so that you will always be able to afford to pay.
Advantages of Option 'C'
This option is the most common approach adopted in independent units across Australia. Residents are attracted to the fact that at least 75% of the ingoing contribution is returned when they leave while the payment of the ingoing contribution has advantages in maximizing pension entitlements and minimizing taxation during their residency.
