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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.
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.
Also known as ‘over 55s lifestyle communities’, ‘manufactured home estates’ and ‘resort communities’, land lease communities are residential communities for older residents and offer many of the same benefits. 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.
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.
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.
We have four villages* that offer a freehold strata title agreement, in which you own your home and share ownership of common facilities and land with your fellow residents. Under this ownership model, you’re required to pay the costs associated with this ownership – including stamp duty and ongoing strata fees.
* Belrose Country Club and Bramblewood in Sydney and Noyea Riverside in Logan.
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 leasehold villages:
Entry payment
Your entry payment gives you the right to reside in your new home and is typically 70-80% of the local median housing price.
You will not have to pay stamp duty on your unit, leaving you with extra money in your pocket to enjoy while you’re settling in.
Monthly service fees
These cover our operating costs, as well as council and water rates, building insurance, home and garden maintenance, upkeep of shared facilities, and support staff such as your Village Manager. By law, retirement village operators cannot profit from services charges, and these fees are regulated by the Retirement Village Act for each state.
Deferred Management Fee (DMF)*
When it comes time to leave one of our leasehold title villages, you’ll receive an exit entitlement, which is the purchase price minus the DMF. This fee is capped at 35% of your entry price and is stepped during your first three years in a 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.
*The DMF structure is a little different for our strata title villages in Sydney, New South Wales and in Logan, Queensland. It is also a little different for our community The Verge at Burleigh on the Gold Coast
RetireAustralia villages are designed for people over the age of 65.
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.
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.
RetireAustralia promotes a ‘village for life’ philosophy, and at selected villages across New South Wales and South Australia, as well as our new communities, we provide a range of living and care options to suit people at different stages of life. This means you can stay in the village you’ve come to know and love, even as your needs change.
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.
Many RetireAustralia communities are pet friendly. Search here to find out if your furry friend could join you in your ideal community.
You’ll be looked after by an experienced team We know retirement living, and we understand the needs of older Australians.
Your wellbeing is at the heart of everything we do We are passionate about providing an exceptional standard of living for our residents.
You’ll love the service you receive We’re always striving to better serve the people who reside in our communities.
You’ll feel at home We create welcoming communities through homelike design that make your experience comfortable and inviting.
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