RetireAustralia has introduced an innovative financial contract that will remove uncertainty for prospective retirement village residents and their families across the company’s Queensland leasehold villages.
Chief Executive Officer Alison Quinn said the average age of residents moving into RetireAustralia’s villages is 78, and from years of experience in the industry, RetireAustralia understands that residents at this stage of life prioritise financial security and confidence.
“Our new contract addresses common areas of concern in retirement village contracts across the industry and ensures that residents and their family members know exactly how much they are required to pay and how much they will receive after they leave,” she said.
RetireAustralia’s new contract at a glance:
- Fixed monthly fees for life
- Three year exit fee capped at 35% of purchase price
- No refurbishment fees
- No sales commission or marketing fees
- Capped fees while your unit is on the market
- Guaranteed buyback within 12 months (6 months in New South Wales)
- No capital loss or gain
“This contract is all about eliminating uncertainty and hassle to provide our residents with the best possible experience while living in our villages,” Ms Quinn said.
The contract has been piloted successfully in five villages across Queensland, New South Wales and South Australia and has received strong support from both residents and the Association of Residents of Queensland Retirement Villages.
RetireAustralia expects that this innovative model will benefit the wider retirement and aged care industry and could have a fundamental impact on future legislative reviews.
The contract was launched in RetireAustralia’s Queensland villages on 31 March and will be available in all leasehold and licence villages across New South Wales and South Australia from June and September respectively.
It will also be available in RetireAustralia’s four proposed developments in Brisbane and the Gold Coast.