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Costs and contracts

FAQs

It depends on the type of contract you sign for the property. If you have a leasehold or licence contract, you will be a long-term lease or licence holder, not an owner. 

If you have a freehold or a similar contract, you may be an owner. 

This can vary between communities, so we encourage you to speak to the community you are considering about the contract options available to you.

The setting of service fees ​​​​​​(also known as recurrent charges, general services charges or maintenance fees) occurs in accordance with the relevant retirement villages legislation that applies in the state or territory where the community is located. 

Service fees vary between communities and can depend on the type of property you choose. Fees are at a rate set by the village and safeguarded by legislation for complete peace of mind. 

Always speak to the retirement community manager about the service fees that apply to your chosen property and check the village comparison information document - recent fees will be outlined there.

In leasehold and licence villages, the cost of building and property insurance is generally shared by all residents and paid through ‘living in’ service fees. Your Sales Consultant will be able to assist with more specific information for your chosen community. 

It is recommended that you take out personal contents insurance for your furniture and belongings in your home.

The Retirement Villages Act is the state-based legislation created to protect your rights as a resident living in a retirement community. 

A copy of the Retirement Villages Act is free to access online. You can search for a copy of the Retirement Villages Act on Google, or source this through the appropriate legislative body in your State.

Selling your family home can take time. Retirement villages will often have policies and processes in place to help you make this process as smooth as possible. 

Some village operators will take a smaller deposit from the contribution you’ll be making when you move in. 

Or, an operator may be able to offer you a condition in your contract that makes your move subject to the sale of your current home. 

Always speak to the retirement village you’re moving into to find an approach that works for you.