Retirement villages vary greatly and so do their fees and charges. It is likely to cost more to live in a village with a variety of amenities and services. The residence contract must cover what fees will be payable before entering the village, while you are living there and after you leave. 

Ingoing contribution or purchase price 

In most circumstances, you will have to make an up-front payment when you enter a retirement village. This payment may be:

• described in the retirement village contract in several different ways. For example, as a premium, ingoing contribution, an interest-free loan, a refundable deposit, or as the purchase price; and
• refunded in whole or in part when you leave the village.

This up-front payment secures your right to occupy your unit and is usually an amount equivalent to the cost of buying the unit.

There can also be other fees such as administration fees.

Other fees and charges

For more information about fees and charges, see:

• Living in a retirement village fees and charges
• Leaving a retirement village fees and charges