Navigating your retirement village contract - Blog | Keyton

Navigating your retirement village contract

Friday, 11 January 2019

Things you need to know about retirement village contracts before you sign on the dotted line.

Signing contracts is something we do throughout our lives. You sign one when you get a job, when you get married or when you buy a house. And you’ll also sign a contract when you move into a retirement village. The only difference is that you’re not just buying a home - you are buying into a community.

Helping you understand your retirement village contract

We offer 4 types of retirement village contracts, so you can choose the buying option that suits you best. But before you sign your contract, it's important to understand the details. That’s why our sales managers are here to help you navigate your contract so you can make an informed and sound decision about your future.

When considering your contract options, ask us if there’s anything you don’t understand. Whether it’s about the short-term costs or what happens when you move out, we’re here to answer all your questions. 

Choosing the right contract

No two people are the same. Some like to plan, and some like to go with the flow. And it's no different when it comes to retiring. That's why you can choose from our 4 ways to buy your new retirement home. The power is in your hands to plan and enjoy your retirement how you want. 

You can choose from:

  • prepaid plan
  • refundable contribution
  • deferred management fee (DMF)
  • pay as you go (at selected villages only).

Learn more about the different contract options.

It’s not just a property. It’s a lifestyle.

One thing to understand about moving into a retirement village is that you might not make a profit if you decide to sell. But in some villages, you could have the option to share in capital gain, depending on the village and type of contract you choose.

While retirement villages aren’t the same as the traditional property market, it is important to remember that you are buying a lifestyle along with your home.  And you’ll benefit from retirement village life, including security, support and an active, happy retirement as part of a ready-made community.

Seek professional advice

While we’re here to answer your questions and help you understand your options, it’s important to get independent professional advice. Engaging a trusted solicitor or financial adviser and talking to your family will help you make the right decision before you sign your contract.

Peace of mind with cooling-off

After weighing up the options, asking all the questions and signing your contract, we want you to be happy and confident in your decision. And with the protection of a cooling-off period between 3 to 15 days (depending on the state), you’ll have a bit of time to sit with your decision and make sure it’s the right one for you.

Talk to us today

Do you want to learn more about buying into one of our retirement villages?

To speak to one of our friendly team members about your contract options, call us on 1800 550 550.

For more information about the lifestyle and support offered at our retirement villages, call our customer service team on 1800 550 550.

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