Your top retirement living questions answered

What would you like to know about living in a retirement village? Here, we answer the most commonly asked questions.

What is a retirement village?

Retirement villages are residential communities designed for people who are generally over the age of 65 and retired from full-time work. However, plenty of residents continue to work or volunteer part-time while enjoying village life.

How do retirement villages differ from aged care?

While retirement villages are designed for active and independent retirees, aged care facilities cater for those who need full-time care and can no longer live independently.

Most aged care facilities focus on clinical-based care for older Australians who are unable to live independently in their own homes. People in retirement villages still enjoy the benefits and privacy of having their own home, without the worry of day-to-day property maintenance or gardening which are taken care of by village staff.

Residents in retirement villages also have access to a range of village facilities and are surrounded by like-minded people who engage in a wide range of social activities and events.

Moving into aged care is rarely a choice: it often occurs following a significant health incident or when it’s considered necessary for one’s health and safety. In contrast, moving into a retirement village should be a choice at a time in an individual’s life where they can benefit from all that retirement village living has offers.

Are retirement villages the same as land lease communities?

Also known as ‘over 55s lifestyle communities’, ‘manufactured home estates’ and ‘resort communities’, land lease communities are residential communities for older residents. They may look similar from the outside, but there are fundamental differences. For instance, land lease communities are legislated under the same laws as manufactured homes parks and caravan parks, so if the operator ceases to exist, your right to remain in your home isn’t protected. On the flipside, your right to live in your home is protected in a retirement village, which operates under the Retirement Villages Act. For more information, see our article: Different retirement living options explained.

What’s it like to live in a retirement village?

Good question! Retirement villages are hubs of activity with ample opportunity for social connection. They also have plenty of space allowing for privacy and living life on your own terms. Facilities will vary by village, but you could have access to amenities like a swimming pool, community centre, library and hairdresser. You can read what some residents think about village life, or find out more about retirement living by checking out some real stories about village life.

Will I own my house?

Our retirement villages in Logan, Queensland and in Sydney, New South Wales offer a strata title agreement, in which you own your home and share ownership of common facilities and land with your fellow residents. These villages are Noyea Riverside in Logan, and Belrose Country Club, Bramblewood and Queen’s Park in Sydney. Under this ownership model, you’re required to pay the costs associated with this ownership – including stamp duty and ongoing strata fees.

Most of our villages operate on a leasehold ownership agreement, which means RetireAustralia owns the land and the unit, while you acquire the right to reside in your home for the duration of a long-term lease, generally 99 years. Your tenancy is secure for as long as you want to stay. The upshot of this is that you won’t need to pay stamp duty, which is generally one of the biggest upfront costs when buying a property.

How much will it cost?

To increase financial certainty, we’ve made our contracts as clear and transparent as possible. We specify, upfront, which costs you’ll need to pay, and what they cover.

Here’s a quick breakdown of the fees you’ll need to pay over the duration of your stay in one of our strata title village in Logan:

Service fees

By law, operators can’t profit from recurrent charges which cover the costs of operating village services like the emergency call system, restaurant and activities. Fees generally increase annually with inflation.

Strata levies

A quarterly strata levy covers the exterior maintenance of your unit, building insurance, and the maintenance of common areas such as gardens and swimming pools. This is subject to inflation and is at the discretion of the body corporate.

Deferred Management Fee (DMF)*

When it comes time to leave Noyea Riverside, a strata title village, you’ll receive an exit entitlement, which is the resale price minus the DMF. This fee is capped at 35% of your resale price and is stepped during your first five years in the village. There are no further increases after this period, no matter how long you stay.

By charging this on exit – rather than incorporating it into the purchase price – you’ll not only free up your cashflow but find that your move into the village is much more affordable.

* Please note, the DMF structure is a little different for our licence and leasehold villages. It is also a little different for our new community The Verge at Burleigh on the Gold Coast.

What age do I have to be?

RetireAustralia villages are designed for people over the age of 65.

Can I live in a retirement village on a pension?

Absolutely. Many of our residents receive an age pension. Your eligibility largely depends on the size of the entry payment you make when you move into the village – also known as an entry contribution (EC), compared to the extra allowable amount (EAA). The government compares these figures to determine if you’re considered a home owner. If the entry payment is less than the EAA, you may be eligible for rent assistance. See the federal government’s ‘Social Security Guide’ for more information.

Can I rent in a retirement village?

We don’t currently offer the option to rent, but if affordability is a concern for you, please give us a call. We can talk you through our most cost-effective communities and see if we can find a home that suits your budget.

What happens if my care needs change?

RetireAustralia promotes a ‘village for life’ philosophy, and at selected villages across New South Wales and South Australia, we provide a range of living and care options to suit people at different stages of life. You can also access flexible care and support delivered in your home by our Home Care team or a provider of your choice. This means you can stay in the village you’ve come to know and love, even as your needs change.

Can visitors stay with me?

Absolutely! This is your home and we want you to treat it as such. We encourage family and friends to visit and stay overnight if that suits. It varies by village, but guests can stay between two weeks and 30 days without requiring approval. Simply let your Village Manager know so we can keep an eye out for your guest(s) and treat them as part of the RetireAustralia family.