At IRT, we want to make it as easy as possible to understand the costs involved with living in a retirement village.
At IRT, we want to make it as easy as possible to understand the costs involved with living in a retirement village.
Understanding costs is part of choosing the right retirement village. With IRT, you’re not just choosing a new home, you’re choosing a lifestyle, a community, and the confidence that your needs are looked after now and into the future. Before we get into our payment options, here’s an overview of the three easy-to-understand stages the costs fall into
You'll make a one-time ingoing contribution before settling into your new home, reflecting its value. This gives you the right to call your villa or apartment home under your residence contract.
You'll pay a regular service fee that contributes to day-to-day life in the village, covering things like communal facilities, garden upkeep, council rates, utilities, security, and support from the village team.
You may choose an option that lowers your ingoing contribution by agreeing to pay a departure fee when you leave, only payable once you permanently vacate your home.
“I feel at home here in Braeside & have been made feel welcome from the first day & have made some lovely friends”
IRT Retirement Village resident
You’ll feel confident and assured when moving in to an IRT retirement village. No hidden fees, no fine print, just honest information and a team ready to help.
Prior to your move into the village, we will provide a detailed calculation of the costs you can anticipate for both entering and exiting the community.
If you’re not happy after moving in to your new community, we’ll refund your ingoing contribution within 90 days, minus rent for the time you stayed in the village.
You won’t pay any stamp duty on your home in an IRT retirement village in NSW, Qld or the ACT.
When you decide to leave the community, you won’t be asked to pay any expenses associated with the refurbishment, marketing or sale of your home.
We understand that everyone’s financial situation is different, so we offer flexible pricing options. Here’s a simple breakdown of our payment options. Please note: These payment options may differ from village to village.
You pay a lower ingoing contribution when you move in, and that amount is not refunded when you leave. It’s a bit like paying rent upfront in a lump sum.
Those looking for a more affordable upfront cost and who don’t need the contribution refunded later.
Your ingoing contribution is partially refundable. A departure fee of 5% per year (based on your initial contribution) is deducted for up to 6 years. If you stay for 6 years or more, you’ll get 70% of your contribution back.
Those who want a balance between a moderate upfront payment and receiving a substantial refund in the future. The earlier you leave, the lower the departure fee, making this a good option for those who want flexibility.
Similar to Option 2, but with a smaller departure fee of just 2.5% per year (up to 6 years). That means if you stay 6 years or more, you’ll receive 85% of your original contribution back.
Those who can afford a slightly higher upfront cost and want more of it back later.
You pay a higher ingoing contribution when you move in, but you’ll receive 100% of it back when you leave.
Those who want the full amount of their contribution returned to their estate or for future needs.
You pay a lower ingoing contribution when you move in, and that amount is not refunded when you leave. It’s a bit like paying rent upfront in a lump sum.
Those looking for a more affordable upfront cost and who don’t need the contribution refunded later.
Your ingoing contribution is partially refundable. A departure fee of 5% per year (based on your initial contribution) is deducted for up to 6 years. If you stay for 6 years or more, you’ll get 70% of your contribution back.
Those who want a balance between a moderate upfront payment and receiving a substantial refund in the future. The earlier you leave, the lower the departure fee, making this a good option for those who want flexibility.
Similar to Option 2, but with a smaller departure fee of just 2.5% per year (up to 6 years). That means if you stay 6 years or more, you’ll receive 85% of your original contribution back.
Those who can afford a slightly higher upfront cost and want more of it back later.
You pay a higher ingoing contribution when you move in, but you’ll receive 100% of it back when you leave.
Those who want the full amount of their contribution returned to their estate or for future needs.
Exit fees are payable with this option. When you leave IRT the ingoing contribution will be refunded, less the exit fee. This fee is calculated on a daily basis at a rate of 5% p.a. of the ingoing contribution for a maximum of 7 years. If you stay for 7 years or longer, the refund will be 65% of the ingoing contribution.
Exit fees are payable with this option. When you leave IRT the ingoing contribution will be refunded, less the exit fee. This fee is calculated on a daily basis at a rate of 2.5% p.a. of the ingoing contribution for a maximum of 7 years. If you stay for 7 years or longer, the refund will be 82.5% of the ingoing contribution.
The full amount of this contribution will be refunded on departure from IRT.
George and Margaret paid an ingoing contribution of $700,000 for their IRT apartment under Option 2. When they moved closer to family after six years, the maximum departure fee of 30% (5% per year, capped at six years) had been reached, so they received $490,000 back.
Leaving earlier would have meant a smaller deduction. After three years, the fee would have been 15%, and they’d have received $595,000.
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