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How to Choose a Retirement Village in Australia
Choosing a retirement village is one of the most significant decisions of later life. Understanding the financial structure, contract terms and lifestyle fit before committing is essential.
The Three Things to Understand Before Signing
- Entry price (ingoing contribution): What you pay to move in — varies enormously from $200,000 in regional areas to $1.5M+ in premium metropolitan villages
- Ongoing site fees: Weekly fees covering maintenance, management, facilities and services — typically $200-$600/week
- Exit fee / Deferred Management Fee (DMF): A percentage of your entry price or resale price payable when you leave — can be 10-30% depending on contract type and years lived there
Always Get Independent Legal Advice
Retirement village contracts are complex and vary significantly between operators. Always engage a solicitor experienced in retirement village law before signing — many states require a cooling-off period of 90+ days.
Questions to Ask Every Village
- What is the exact DMF formula and when does it cap?
- What happens if I need to leave for health reasons?
- What care services are available on-site or nearby as my needs increase?
- What is the community like — activities, residents' committee, pets allowed?
Provider listings are for informational purposes only. Always conduct independent research and seek legal advice before entering a retirement village contract.
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