Retirement village residents pay an ingoing contribution before they move into their new home. This contribution gives you residence rights to your villa or apartment in accordance with your Residence Contract.
As part of the Residence Contract, you can choose to pay a departure fee when you move out or pass away. This determines how much of the ingoing contribution will be refunded to you or your estate. If you can choose to pay a smaller ingoing contribution up front, you will retain more money to support your lifestyle and care as you age.
Different providers offer different departure fees, also known as ‘deferred payments’. The 2017 PwC / Property Council Retirement Census found that 60% of providers offer a maximum deferred payment of 30% capped after 10 years of residency.