When making your decision, it’s important to understand how buying into a retirement village is different to buying a residential property.
Ownership
There are three main types of ownership agreement:
- Leasehold
- Licence
- Strata title
The most common type – available in most RetireAustralia villages – are lease and licence, where you purchase a long-term lease (usually 99 years) to live in your home.
In freehold villages – available in four of RetireAustralia’s villages – you own your home plus a portion of the community facilities and pay stamp duty and ongoing strata fees.
Entry payment
Once you’ve made the decision to move into a RetireAustralia community, you’ll need to make an entry payment for your home. The amount will depend on the size, style and location of your chosen home.
Change of mind
We want you to feel confident in your decision to move into a RetireAustralia village, which is why our independent living residence contract, offered in our leasehold and licence villages, includes cooling-off period and settling-in periods.
If you change your mind within the 21-day cooling-off period, you’ll get your deposit back in full. And if you decide the village isn’t right for you within 90 days of moving in, we’ll reimburse your ingoing contribution* within 30 days so you can focus on your next move.
This policy does not apply to resident contracts in strata title villages. For information specific to strata title villages click here or call our team on 1300 687 738.
*Fees and charges applicable
