Retirement Village Costs
Understanding retirement village costs
Here’s a breakdown of what you’ll pay when you move in, while you’re living in a retirement village, and when you leave. Learn what’s included so you can make informed choices about your future.
Moving in
You’ll pay an entry payment, which gives you the right to live in your home. Depending on the contract you choose, a management fee may be paid upfront as part of your move-in costs. The amount you pay will depend on the size, style and location of your chosen home.
Living
You’ll pay regular service fees that cover the day-to-day running of the village, including maintenance of shared facilities, council rates and the village team. By law, these fees are used to cover village operating costs and are not a source of profit for the operator.
Leaving
When you leave, your exit entitlement will be calculated in accordance with your contract. Depending on the payment option you choose, a management fee may be payable when you leave or may not apply at all. Management fees support the operator’s investment in the village, including improvements, support services, and preparing the home for the next resident.
Moving in
You’ll pay an entry payment, which gives you the right to live in your home. Depending on the contract you choose, a management fee may be paid upfront as part of your move-in costs. The amount you pay will depend on the size, style and location of your chosen home.
Living
You’ll pay regular service fees that cover the day-to-day running of the village, including maintenance of shared facilities, council rates and the village team. By law, these fees are used to cover village operating costs and are not a source of profit for the operator.
Leaving
When you leave, your exit entitlement will be calculated in accordance with your contract. Depending on the payment option you choose, a management fee may be payable when you leave or may not apply at all. Management fees support the operator’s investment in the village, including improvements, support services, and preparing the home for the next resident.
Get an expert perspective on retirement village costs
Retirement living expert Rachel Lane, Principal of Aged Care Gurus, explains the costs involved in moving in, living in and leaving a retirement village.
Next: Understanding retirement village contracts
Find out how retirement village contracts differ from regular property contracts, and what to look for when choosing the right one for you.
