Contracts

How do Aveo contracts compare to legislation?

Simpler contracts that go above and beyond

As you compare retirement villages or care facilities, you’ll start to see that there is a complex range of variables when it comes to the costs of buying into, and living in, one of these communities.

 

That’s why we’ve simplified the finances associated with living with Aveo, through our industry leading contracts. In fact, our contracts provide financial benefits above and beyond the requirement in each State’s legislation.

 

Take a look at how our contracts compare in the tables below.

Cooling off period

QLD Legislation

14 days after entering into the contract1

NSW Legislation

7 business days after entering the contract

VIC Legislation

3 business days after entering the contract

SA Legislation

10 business days after entering into the contract

TAS Legislation

5 business days after entering into the contract

Aveo Contracts

21 days after entering into the contract

Money Back Guarantee2

Money back guarantee

QLD Legislation

No statutory settling-in period

NSW Legislation

Statutory settling-in period on 90 days from the occupation date

VIC Legislation

No statutory settling-in period

SA Legislation

Statutory settling-in period on 90 days from the occupation date3

TAS Legislation

No statutory settling-in period

Aveo Contracts

3 or 6 months (depending on the contract you choose and the location of your unit)

Guaranteed Settlement on exit4

Guaranteed settlement

QLD Legislation

18 months after the termination date

NSW Legislation

6 months after vacant possession5

VIC Legislation

No guarantee6

SA Legislation

18 months from the date the resident ceases to reside

TAS Legislation

6 months from the date the resident provides written termination or ceases to reside

Aveo Contracts

6 or 12 months (depending on the contract you choose and the location of your unit)

While the following items aren’t legislated anywhere, we also offer the following benefits to people who buy an Aveo retirement unit.

No refurbishment costs

You won’t have to pay for your unit to be made ready for the next buyer, even if your unit needs renovating.

No sales commission

You won’t have to pay any agent sales commission on the sale of your unit if you appoint Aveo Real Estate.

No marketing costs

You won’t have to pay for the cost of advertising your unit for sale if you appoint Aveo Real Estate

1In Queensland, if the residence contract is subject to a condition precedent, the cooling-off period commences on the later of the date the contract is entered into and the date the last condition precedent is fulfilled.

2Referred to in the Retirement Villages Acts as a ‘settling-in period’.

3Unless the contract is not signed, then the settling-in period commences on the date the contract is entered into.

4In the Retirement Villages Acts, this is the latest date on which the resident can be paid their exit entitlement (being a refund of the occupancy payment, less fees).

5For ‘non-registered interest holders’.

6On the basis Schedule 1 of the Retirement Villages (Contractual Arrangements) Regulations 2017 (Vic) is included in the contract.

The content of this document is for marketing purposes only and current as at 17 August 2020. Prospective residents must obtain their own independent legal and financial advice.

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