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Cooling off or cancelling
Costs and contracts

Cooling off or cancelling

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Cooling off or cancelling

Deciding if a retirement village is your perfect fit takes time. That's why many village operators may allow you a period to “cool off” or cancel after signing your contract. It gives you the chance to truly settle into your decision and see if retirement living is the right choice for you.

Cooling off

From the day of signing your retirement village contract, you will generally have a specific window where you'll be able to rescind the contract. This is called a ‘cooling off period’, and the terms and timeframe will generally differ from state to state and village operator.

A cooling off period may be around 3 days from the date you sign the contract, 10 days, or a few weeks - these can differ widely.

Your retirement village contract must clearly state the terms of the cooling-off period, so make sure to take note of this. You will generally be able to terminate a retirement village contract within the cooling off period by either:

  • Giving a signed notice to the village owner or manager
  • Leaving a signed notice at the owner’s address stated in the retirement village contract, or at the manager’s address.

Take care in reading the terms of your contract so that you’re across what the cooling off period is and what it could mean for you.

Cooling off by state

The terms of a cooling off period will vary state by state, with legislation in place to protect your right to cancel your contract. However, some retirement village operators are introducing contracts that go beyond these state requirements. For example, Aveo retirement villages generally allow for a 21-day cooling off period. Always make sure to review the specific conditions of your contract carefully.

Here is a quick overview of cooling off periods within some states (as at May 2024), which is intended as a guide. If you're unsure how the cooling off period applies to you, or need more up-to-date information, it’s good to seek independent legal advice.

Cooling off period

Victoria - 3 days

South Australia - 10 days

New South Wales - 7 days

Queensland - 14 days

Tasmania - 5 days

More about cooling off periods

This information is general in nature and correct as at April 2024. If you’re looking into cooling off periods, it’s a good idea to seek independent legal advice.

Victoria

Under Victorian legislation, your cooling off period is three business days from the day of signing the contract.

To cool off the contract you must notify either the retirement village vendor, their real estate agent or their solicitor by giving written and signed notice within this time frame.

Your initial deposit or ingoing contribution will be refunded, however, a small penalty applies. This will be either 0.2% of the contribution paid, or $100 (whichever is greater).

South Australia

Under South Australian legislation, your cooling off period is 10 business days after the day of signing the contract. You must notify the retirement village operator in writing if you have changed your mind. This won't apply if you've moved into the village before the cooling off period ends.

New South Wales

Under New South Wales legislation you have a seven-day cooling-off period after signing the contract.

You can end the contract by notifying the village operator in writing during this window.

Generally, any money paid under the village contract must be fully refunded. However, the cooling off period won't apply if you've already started moving into the village within the seven days.

Queensland

In Queensland you are given 14 business days to cancel the retirement village contract, and you must give written notice to do so.

Any entry fee paid must be refunded.

Tasmania

In Tasmania, the cooling off period for your contract is five business days.

You must notify the operator in writing, and you are entitled to a refund of any money paid by you under the contract.

Settling in periods and money back guarantees

This information is general in nature and correct as at April 2024. If you’re looking into money back guarantees, it’s a good idea to seek independent legal advice. Please see disclosure documents and Aveo’s standard residence contract for more information.

In New South Wales and South Australia you are legally entitled to a settling in period of 90 days.

This means that if you need to move out within the first 90 days, no departure fee will be charged and your ingoing contribution may be refunded. You might only be asked to pay the property costs and fees for that period, including any repairs and administration fees, and any costs of alterations and fittings made to your property.

Some retirement living operators, including Aveo, also provide money back guarantees in other states, depending on the type of contract signed. Aveo offers a 90 day money back guarantee across all states.

Always take care to review your retirement village contract to make sure that you understand the specific terms of the cooling off periods and money back guarantees.

Deciding if a retirement village is your perfect fit takes time. That's why many village operators may allow you a period to “cool off” or cancel after signing your contract. It gives you the chance to truly settle into your decision and see if retirement living is the right choice for you.

Cooling off

From the day of signing your retirement village contract, you will generally have a specific window where you'll be able to rescind the contract. This is called a ‘cooling off period’, and the terms and timeframe will generally differ from state to state and village operator.

A cooling off period may be around 3 days from the date you sign the contract, 10 days, or a few weeks - these can differ widely.

Your retirement village contract must clearly state the terms of the cooling-off period, so make sure to take note of this. You will generally be able to terminate a retirement village contract within the cooling off period by either:

  • Giving a signed notice to the village owner or manager
  • Leaving a signed notice at the owner’s address stated in the retirement village contract, or at the manager’s address.

Take care in reading the terms of your contract so that you’re across what the cooling off period is and what it could mean for you.

Cooling off by state

The terms of a cooling off period will vary state by state, with legislation in place to protect your right to cancel your contract. However, some retirement village operators are introducing contracts that go beyond these state requirements. For example, Aveo retirement villages generally allow for a 21-day cooling off period. Always make sure to review the specific conditions of your contract carefully.

Here is a quick overview of cooling off periods within some states (as at May 2024), which is intended as a guide. If you're unsure how the cooling off period applies to you, or need more up-to-date information, it’s good to seek independent legal advice.

Cooling off period

Victoria - 3 days

South Australia - 10 days

New South Wales - 7 days

Queensland - 14 days

Tasmania - 5 days

More about cooling off periods

This information is general in nature and correct as at April 2024. If you’re looking into cooling off periods, it’s a good idea to seek independent legal advice.

Victoria

Under Victorian legislation, your cooling off period is three business days from the day of signing the contract.

To cool off the contract you must notify either the retirement village vendor, their real estate agent or their solicitor by giving written and signed notice within this time frame.

Your initial deposit or ingoing contribution will be refunded, however, a small penalty applies. This will be either 0.2% of the contribution paid, or $100 (whichever is greater).

South Australia

Under South Australian legislation, your cooling off period is 10 business days after the day of signing the contract. You must notify the retirement village operator in writing if you have changed your mind. This won't apply if you've moved into the village before the cooling off period ends.

New South Wales

Under New South Wales legislation you have a seven-day cooling-off period after signing the contract.

You can end the contract by notifying the village operator in writing during this window.

Generally, any money paid under the village contract must be fully refunded. However, the cooling off period won't apply if you've already started moving into the village within the seven days.

Queensland

In Queensland you are given 14 business days to cancel the retirement village contract, and you must give written notice to do so.

Any entry fee paid must be refunded.

Tasmania

In Tasmania, the cooling off period for your contract is five business days.

You must notify the operator in writing, and you are entitled to a refund of any money paid by you under the contract.

Settling in periods and money back guarantees

This information is general in nature and correct as at April 2024. If you’re looking into money back guarantees, it’s a good idea to seek independent legal advice. Please see disclosure documents and Aveo’s standard residence contract for more information.

In New South Wales and South Australia you are legally entitled to a settling in period of 90 days.

This means that if you need to move out within the first 90 days, no departure fee will be charged and your ingoing contribution may be refunded. You might only be asked to pay the property costs and fees for that period, including any repairs and administration fees, and any costs of alterations and fittings made to your property.

Some retirement living operators, including Aveo, also provide money back guarantees in other states, depending on the type of contract signed. Aveo offers a 90 day money back guarantee across all states.

Always take care to review your retirement village contract to make sure that you understand the specific terms of the cooling off periods and money back guarantees.

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