Costs & Contracts
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.
Just like moving into any residence, moving into a care community involves upfront costs.
Also known as an ‘entry payment’, the occupancy payment is a once-off refundable payment made by a resident to Freedom in return for obtaining the right to live in a home in a Freedom community under the terms of a retirement village contract.
To find the occupancy payment for a particular community, please call 1800 957 940 to speak to one of our friendly staff.
In addition to the occupancy payment, a resident may be required to pay legal costs, lease registration costs (including surveyor costs) and other charges payable to any external village trustee. Full details of these costs are contained in the retirement village disclosure statement which is available on request.
No stamp duty
Residents obtain a right to live in their home in a Freedom community under the terms of a long-term registered lease, therefore residents do not pay stamp duty.
The right to change your mind
21 day cooling-off period
Provided you do not move into your new home in the meantime, you can cancel your retirement village contract within 21 days of signing it without paying any penalties.*
Freedom’s 21 day cooling-off period runs concurrently with any other cooling-off rights you may have that apply to your entry into the Freedom community under the retirement villages legislation that applies in your State.
Settling-in Period – Your Money Back Guarantee
If you change your mind after moving into your home in a Freedom community, then provided you terminate your retirement village contract within the first 90 days from the date you moved into the community, Freedom will refund your occupancy payment paid to Freedom with no exit fee payable.*
Other States (QLD & VIC)
If you change your mind after moving into your new home in a Freedom community, then provided you terminate your retirement village contract within the first 60 days from the date you moved into the community, Freedom will refund your occupancy payment paid to Freedom with no exit fee payable.*
*Terms and conditions apply. Other costs may be payable.
Just like living in any residence, living in a care community involves ongoing costs
Residents pay service fees on a weekly, fortnightly or monthly basis as a contribution to the day to day running costs of the Freedom community. The setting of service fees, including the annual budgeting process, occurs in accordance with the retirement villages legislation that applies in the State in which the Freedom community is located.
Service fees vary by Freedom community and can vary by the type of home you choose within a community. Please ask a sales consultant for the service fees that apply to your chosen home in the Freedom community. Details of the services fees payable are also included in the retirement village disclosure material issued to prospective residents.
To find the service fees for a particular community, please call 1800 957 940 to speak to one of our friendly staff.
Services fees cover things such as the costs of:
Your only extra cost is for telephone, internet, Foxtel and home contents insurance.
*Residents are responsible for their own insurance under Aveo contract.
In each Freedom community, residents are provided with delicious daily meals. Depending on the community you choose, the costs of these meals are either included as part of the service fees or a separate charge.
At all Freedom communities, the cost of providing meals is charged by Freedom on a cost recovery basis only.
Weekly health and lifestyle fees
The health and well-being of residents is our number one priority. We know that each resident has varying care and support needs. That is why we tailor care and support according to each resident’s individual needs.
Each resident has an individual care plan prepared to meet their needs, identify any goals and help them continue their independence in our Freedom Communities. Residents pay a weekly fee to cover the costs of preparing and administering their care plans, and making the care services available at the community.
Residents at Freedom also enjoy the convenience of regular health assessments and an activities calendar that includes events and classes that are arranged by our friendly Freedom staff.
When it comes to leaving the community, we want to make this process as easy as possible for you.
The exit fee (also known as a deferred management fee ‘DMF’ or departure fee) allows a resident to move into a Freedom community and benefit from the communal facilities and management services. The exit fee is deferred and deducted when a resident’s occupancy payment is refunded to them. In essence, residents can enjoy now, and pay later.
The exit fee, which is one of Freedom’s main forms of income, is used to keep our business strong and ensures we can continue to provide the lifestyle our residents enjoy now, and into the future. The exit fee is calculated over the first two years of living in your home in a Freedom community and is capped at 35% of the occupancy payment you have paid. The exit fee may contribute to:
No hassles when leaving
No sales commission and marketing costs
You will not be charged any sales commission or marketing costs by Aveo or Aveo Real Estate related to finding a new resident for your home after you leave the Freedom community.
Guaranteed payment timeframes
If a new resident is not found for your home, Freedom will pay you the monies owing to you from your retirement village contract (known as an ‘exit entitlement’) after six or 12 months, depending on the location of your Freedom community. This gives you real peace of mind having the certainty when the exit entitlement will be paid.
No refurbishment costs
Neither you nor your family want to be burdened by any renovations to the home. That’s why when it’s time to find a new resident for your home, Aveo will take care of, and pay for any works that we think are needed to prepare your home for a new resident (this is provided you do not intentionally damage or make changes to your new home).
Freedom’s retirement village contracts are designed to allow residents to know exactly how much their exit entitlement will be when the time comes to leave the Freedom community. This gives you peace of mind in an uncertain market.
Village Comparison Document