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Costs & Contracts

Moving, Living
and Leaving

It's an exciting time in your life and we want to help you make the most of it. We also understand that moving to retirement or aged care is an important decision, one that you want to make with complete confidence, knowing it’s the right one for you.

1

Moving in

Just like purchasing any residential property, there are moving in costs such as a purchase price, legal fees and a cooling off period.

Upfront fees

Your new Aveo Freedom Aged Care home will be yours to furnish as you wish. You can put up your own artwork and photographs and stamp it with your own personality. And because you’ve got a front door you can have the peace and privacy whenever you want.

Entry payment

This is a one-off upfront payment (commonly referred to as purchase price) you make to secure your right to live in an Aveo community.

Other fees

There may be other fees which might include legal, trustee, registration and survey fees.

No stamp duty

Unlike purchasing a freehold residential property, you will not have to pay any stamp duty on your Aveo unit.

Settling in assurance

21 day cooling-off period

If your circumstances change, you can cancel your contract within 21 days of signing without paying any penalties, other than the administration costs that may have been incurred (unless you waive your additional cooling-off period by settling or taking occupation of your unit).

Money Back Guarantee

If you change your mind within 60 days* of settling your home or moving in (whichever comes first), we’ll refund the purchase price of your home with no exit fee. Your only costs will be the Service Fees, meals, Freedom Care Program and any legal costs for the time you were in the community.

The Money Back Guarantee is subject to particular time frames regarding sale and repayment, as well as other terms and conditions. These terms and conditions are outlined in full in our contracts, which are available upon request. Refund will be paid within 75 days of vacant possession.

*In NSW there is a statutory 90 day settling-in period which also applies.

2

Living in

Similar to regular home ownership, there are day-to-day running costs, maintenance and repairs, insurance and council rates etc

Service Fees

The Service Fee is a regular fee borne fairly by everyone in the Aveo Freedom Aged Care community.

This regular fee funds the operating costs of the community, including rates, insurance, utilities, community management and administration, meal preparation (excluding food costs), cleaning of communal areas of the community, maintenance and grounds care and transport services such as the community bus. Exactly how much this is can depend on which residence or community you choose. Your sales consultant will be able to give you the exact figures.

Just as everyone shares in the Service Fees, so too does everyone share in the many services and amenities it covers:

Community Staff
Cleaning and maintenance of common areas
Certain insurances and council rates*
Community activities

Your only extra cost is for telephone, internet, Foxtel and home contents insurance.

*Residents are responsible for their own insurance under Aveo contract.

Meals Fee

Meals will be provided (morning and afternoon tea, lunch and dinner). These are charged on a cost recovery basis only.

Care and Support

The moment you arrive you are assigned your very own care manager who will design a care plan based on your assessed personal needs. Your day-to-day home care is delivered by your own home care team who are there for you throughout the day and night.

There are two fee options available:

Freedom Care Program

Communal Care Fund for residents living in an Aveo Freedom Aged Care community. It is a consistent weekly amount, even if your care needs change. 

Additional charges required for care related consumables eg. major dressings, mobility aids, continence aids, oxygen concentrators etc.

  • Costs are reviewed annually.
  • For residents receiving the aged pension, partial deferment of the Freedom Care Program fee is available on application.
  • Access to DVA and Community Care packages.
     

User Pays

Fee-for-service, on an individual basis. There is a Weekly Care Access Fee (mandatory and fixed) and there is a Fee for Service based on your assessed care needs (variable cost).

Additional charges required for care related consumables eg. major dressings, mobility aids, continence aids, oxygen concentrators etc.

  • Assessments are conducted every three months or more frequently if your needs change.
  • You cannot defer any fees or costs.
  • Access to DVA and Community Care packages.

3

Leaving

When it comes time to sell, there are unique costs and benefits that are different to selling a normal residential property.

Exit fees

From day one at Aveo Freedom Aged Care we wanted to find a way to deliver and maintain a level of lifestyle that exceeded your expectations without exceeding your affordability. As a result we charge an exit fee, commonly known as a Deferred Management Fee (DMF). This fee allows us to operate the community and all its facilities now and in the future. Part of the DMF is profit, however, we also reinvest back into the community to pay for communal facilities and capital improvements. The DMF is calculated over your first two years of living with us and is capped at 35% of your original entry payment (purchase price). The DMF is not paid until you leave your unit or transfer to another Aveo aged care living option.

No hassles when leaving

No sales commission and marketing costs

Unlike traditional real estate agencies, you won’t be charged any sales commission or marketing costs related to the re-sale of your unit (this option is only available if you appoint Aveo Real Estate to sell your unit/apartment).

Guaranteed Sale

Aveo Freedom Aged Care will guarantee the sale of your Freedom home within 6 or 12 months of you leaving (depending on the community you choose), giving you real peace of mind.

No Refurbishment costs 

When the time comes to sell your Freedom home, Aveo Freedom Aged Care will take care of and pay for the refurbishment or upgrades required to prepare your property for sale (you are only responsible for any damage you cause to the unit).

No exposure to the real estate market

As you won’t be exposed to the fluctuations in the market, we can tell you and your family exactly what you will receive when your property is sold, offering complete peace of mind.

4

Your choice of contracts

We appreciate that everyone’s different, with different needs and circumstances. That’s why we offer you a choice of 3 contracts. They each let you enjoy the retirement lifestyle you want today. The choice is yours.

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Discover the Aveo Freedom Aged Care Banora Point difference for yourself