Join us at The Active Retirement Expo. Everything you need for an active retirement. Learn more

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

Entry payment

Commonly known as purchase price or ingoing contribution, this is the one-off upfront refundable payment 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

While so many Australians love calling our friendly communities home, we want you to take the time to make sure this is the right decision for you.

21 day cooling-off period

You can cancel your contract within 21 days of signing without paying any penalties 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 3 or 6 months of settling on your unit, (depending on the contract you choose and the location of your unit) or moving in (whichever comes first), we’ll refund the entry payment of your unit. There’ll be no exit fees.

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 (unless required sooner by legislation).

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.

Upfront fees

Refundable Accommodation Deposit (RAD)

A lump sum payment for accommodation in an aged care home. This is the price of a room (single occupancy), in lump sum form, that residents have agreed with their aged care home to pay.

Residents can pay their accommodation price in full by RAD or they can pay via combination of a smaller RAD and Daily Accommodation Payment (DAP) or they can pay in full by DAP.

If the residents and their aged care home agree, the resident can ask their provider to deduct certain amounts from the lump sum they have paid – for example for care fees. The RAD, minus any amounts deducted (as agreed), is refunded when the residents leaves the aged care home.

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

Similar to the day-to-day costs of living in your own home, a regular fee applies to live in your new retirement unit. It funds the day-to-day running costs of the community and is determined in line with the relevant Retirement Villages Act. Exactly how much this is can depend on which residence and community you choose. Your sales consultant will be able to give you the exact figures. The service fee covers things such as:

Community Staff
Cleaning and maintenance of common areas
Certain insurances and council rates*
Activities and community bus

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

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*
Activities and community bus

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.

Residents are able to opt out of meal charges due to health or temporary absence reasons.

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:

Newstead 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. To access this care program you must be under the Aveo Certainity contract.

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.

 

Basic daily fee (85% aged care pension)

This covers living costs such as meals, power, cleaning and laundry.

Means-tested care fee

This is worked out by the Department of Human Services, and is a contribution towards the cost of your care. The Department of Human Services will work out if you need to pay this fee based on an assessment of your income and assets, and tell you the amount.

Accommodation costs

Some people will have their accommodation costs paid in full or in part by the Australian Government, while others will need to pay the accommodation price agreed with the aged care home.

The Department of Human Services will tell you which applies to you based on an assessment of your income and assets.

Daily Accommodation Payment (DAP)

The daily payment for accommodation in an aged care home. The aged care home will work out the DAP based on a legislated formula that converts the RAD price to a DAP price.

The resident makes this payment on a regular basis, up to a month in advance, similar to paying rent. The DAP is not refunded when the resident leaves the aged care home or decides to pay a RAD.

The resident can choose to pay a combination of a RAD and a DAP for their accommodation costs. The resident can request the DAP to be deducted from any RAD they have paid.

Daily Accommodation Contribution (DAC)

The daily contribution for accommodation in an aged care home that residents would need to pay, if they also receive Australian Government assistance with their accommodation costs.

Residents make this contribution on a regular basis, up to a month in advance, similar to contributing to rent. The DAC is not refunded when the resident leaves the aged care home or decides to pay a RAC.

Residents can choose to pay a combination of a RAC and a DAC for their accommodation costs.

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

Deferred Management Fee (DMF)

As with the majority of retirement communities, Aveo charge a 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. Depending on the contract you choose it is calculated over your first 2, 3 or 5 years of living with Aveo and is capped at 25% or 35% . The DMF is not paid until you leave your unit or transfer to another Aveo retirement or aged care living option. The DMF may contribute to:

Capital improvements within the Aveo community
Infrastructure upgrades
Support of staff
Facilities provided to the community

Membership Fee

The Membership Fee only applies to our Certainty option. This fee of $2,000 per annum is only paid when you leave your unit or apartment. This membership fee allows you access to certain transfer options. See our Contracts page for further details of the transfer options available.

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 will guarantee the sale of your property if it doesn’t sell within 6 or 12 months (depending on your contract type), giving you real peace of mind where its not already covered by legislation.

No refurbishment costs

Neither you nor your family want to be burdened by undertaking the works when the time comes to leave. That’s why, when it’s time to sell, Aveo will take care of, and pay for, any works that we think are needed to prepare your property for sale (this is provided you do not intentionally damage or make changes to the property).

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 peace of mind in an uncertain property market.

Deferred Management Fee (DMF)

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 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.

The DMF may contribute to:

Capital improvements within the Aveo community
Infrastructure upgrades
Support of staff
Facilities provided to the community

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.

Refundable Accommodation Contribution (RAC)

Also a lump sum payment for accommodation in an aged care home, just like a RAD. The difference between a RAC and a RAD is that a RAC is the term used when a person who is receiving Australian Government assistance with their accommodation costs makes a ‘contribution’ towards their accommodation costs (with the Australian Government also making a contribution on their behalf). RAD is the term used when the person making the lump sum payment is not eligible for Australian Government assistance and is meeting the full costs of their accommodation on their own. The RAC, minus any amounts deducted (as agreed) is refunded when the residents leave the aged care home – just like a RAD.

Capital improvements within the Aveo community
Infrastructure upgrades
Support of staff
Facilities provided to the community

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.

Book your VIP tour today

Discover the Aveo Newstead difference for yourself