Transcript
When you plan to leave the retirement village it’s important to understand the specific exit fees and other expenses you may need to pay.
Exit fees will include a deferred management fee and a reserve fund contribution fee. You may also be required to pay refurbishment costs, selling and marketing expenses and recurrent fees.
Check your contract as this determines when you will receive your exit entitlements, how it is calculated and when it will be paid.
Keep in mind your right to an exit entitlement is usually dependent on your unit being leased or sold and this process can take some time.
New laws are coming into effect from 2025. This will require operators to pay exit entitlements to residents no later than twelve months after permanently leaving the village.
You will also have the option to ask the operator to help pay your aged care fees.
In the meantime, it’s a good idea to speak with your operator about when you will receive your exit entitlements especially if you need the funds to move into an aged care facility.
For more information visit the Consumer Protection website or call 1 300 30 40 54