Retirement Living FAQ's
When you choose to downsize and live in one of our welcoming retirement villages, your contract outlines your 'license to reside'. You don't buy or 'own' your home - you have a license to live in it once your contract is finalised.
Costs change between villages, depending on its size, facilities, location, and the type of home you choose.
When you choose to downsize and retire with us, you'll sign a contract for your retirement home which outlines your ingoing contribution fee or 'sale price'. Moving in costs are different, depending on the contract option you choose.
There is also an additional administration fee that you'll need to pay when you move into one of our retirement villages - $660.
When downsizing, you'll need to look closely at the retirement village you're considering, as costs change. Here's a quick overview:
- Moving in: Ingoing contribution fee - related to the advertised sale price of your retirement home - and also an administration fee of $660
- Living: Fortnightly fee
- Leaving: Exit fee, 90 days' worth of the fortnightly fee and also a termination fee of $1000
This is the fee you'll pay every two weeks to keep your retirement village safe and enjoyable. Costs differ a lot between different villages, depending on size, location and facilities on offer.
Your contract outlines the exit fee you'll pay when you leave. Exit fees change, depending on a number of factors. These include:
- The sale price you paid
- How much of the ingoing contribution fee you paid when you moved in (100%, 95% or 90%)
- How long you have lived at the retirement village for
We pay to insure the buildings and common facilities. We also pay for general liability insurance for common areas. You'll need to arrange and pay for your own home contents insurance and any liability insurance for cover you want inside your home. Insurance companies have experts in retirement living insurance policies, so ask to speak with them when you contact your preferred insurance provider.
The Queensland Government has specific information about retirement home insurance.
This is covered in your fortnightly fees.
These are covered in your fortnightly fees.
We pay for maintenance of the grounds and common areas - this comes out of your fortnightly fee. We also cover maintenance inside and outside your retirement home.
No. We will cover any reasonable 'wear and tear' costs when you move out. But if there is more substantial damage inside your retirement home when it comes time for you to leave, you will need to cover these costs, for what's known as 'accelerated wear and tear'.
If you downsize and sell your home to move into a retirement village, you may have more cash in the bank from the sale of your home. The Australian Government sets the rules regarding its assets test and income test for the aged pension.
Depending on your situation, you might be eligible for rent assistance. Services Australia has special rules for assessing people in retirement homes to see if they're eligible.
Speak with the retirement village you're interested in about their pets policy.
Yes they can - this is your home.
If you have a valid will, we will deal with your nominated executor. As with anyone who leaves (either to move to family, elsewhere or into an aged care home), we will sell your retirement home and settle your exit fee, termination fee and any other costs - but this time, we will do it with the executor of your will.
State Trustees has information about what happens when someone dies without a will.