How It Works

You may be considering downsizing into a home in a Retirement Village to help reduce costs, the load of maintenance or mitigate hazards in the home. This is a common and often beneficial step for many retirees, offering a balance of independence and community support for a vibrant retirement. 

Generally, the purchase price of our units is lower than the area’s median price, making them an attractive option if you’re looking to free up equity while maintaining a comfortable retirement lifestyle. As our communities operate under a lease or license, you won’t have to worry about paying any stamp duty, which means more savings in your pocket compared to buying a freehold property. 

It’s important to note that financial information, fee structures and inclusions can vary between Retirement Communities.

For more detailed information, please refer to:

• the specific Retirement Community’s ‘Prices, fees and charges’ flyer
• the applicable Disclosure Documents

There are also a range of Government incentives designed to support and guide Australian seniors in their transition into retirement, including the Downsizer Superannuation Contribution Program (also referred to as the Seniors Downsizing Grant). The Seniors Downsizing Grant Program allows eligible individuals aged 55 or older to make a one-off, post-tax contribution to their superannuation of up to $300,000 per person from the proceeds of selling their home. This Seniors Downsizing Grant can be a valuable tool in boosting your retirement savings while downsizing to a more manageable home, supporting you to save for how much you need to retire.

Other government support may include the Age Pension Australia (also referred to as the Retirement Pension).You may be eligible for a full or part Age Pension in Australia to supplement your retirement income. How much your Age Pension is in Australia depends on your assets and income, but this Retirement Pension can be a great additional source of money in retirement. Another benefit you could be entitled to is the Commonwealth Seniors Health Card. This card can help with the cost of prescription medicines and other health services, supporting your cost of living expenses. 

We understand that moving into a Retirement Community is a major investment into your retirement lifestyle, and understanding all of the details is the key to retirement planning in Australia. We go to great lengths to support you in this decision-making process to ensure you are across all of the fees and costs, so you can understand how much you need and make the decision that is best for you.

When you decide on a particular unit, you will purchase a lease or licence and preference shares* in the TriCare company which owns the Community.

The Disclosure Documents contain details of everything you need to know about the buy-in process, enabling you to seek legal advice with regard to the Terms and Conditions.

Form of Disclosure

Each Retirement Community has a Form of Disclosure (as applicable to the state the community is located in) which provides details of the community’s operation and relevant terms, including tenure, service fees or charges. This Form of Disclosure is designed to support your retirement planning in Australia, giving everything you need to understand the upfront and ongoing costs.

Disclosure and Cooling-Off Periods

Disclosure and cooling-off periods are determined by legislation.

TriCare recommends that you discuss the documentation thoroughly with your solicitor, accountant and family. 

Relevant Legislation

The below listed Acts and all subsequent amendments set out guidelines to which Retirement Communities must comply :

• Retirement Villages Act 1999 (QLD)
• Retirement Villages Act 1999 (NSW)
• Retirement Villages Act 1986 (VIC)

*Preference shares are not applicable in all Retirement Communities.

If you are considering moving into a Retirement Community when retirement planning in Australia, it can be important to ensure you are aware of the ongoing fees and charges related to living in a Retirement Village. All residents pay a monthly fee to cover the Retirement Community’s annual operational costs in providing essential services and utilities. 

You can think of this monthly fee as  the same as a body corp fee, it’s also important to note that TriCare does not profit from any monthly fees.

Fees per State

These fees have different names depending on the state you live in:

• General Service Charge And Maintenance Reserve Fund Contribution (QLD)
• Recurrent Charge (NSW)
• Maintenance Charge (VIC)

Monthly Fee Inclusions

Monthly Fee Inclusions can vary slightly between Retirement Communities, but typically include: 

• Staffing and administration costs
• Community cleaning and waste services
• Community electricity and gas accounts
• Government rates and charges (including water)
• General insurance on units, community buildings, facilities, equipment and furnishings
• Repairs and maintenance to the exterior of residence units, all community buildings, facilities, equipment and common gardens
• Contribution to the Maintenance Reserve Fund (applicable in QLD)
• Community bus costs (if applicable)

Residents’ Costs

Residents are typically responsible for the following costs:

• Personal telephone, electricity and gas accounts
• Internal repairs and maintenance*
• Content insurance

*It’s important to note that internal repairs and maintenance are included in the fees/charges in some communities. Be sure to check the specific details for your chosen community.

Yearly Budget

TriCare determines the yearly General Service and Maintenance Charge budget in consultation with residents, as necessary. We like to take a collaborative approach with residents, as we know that being transparent allows you to plan for how much you need to retire in a TriCare Retirement Living Community. 

 Increases

Annual increases in the fees and charges (excluding the contributions to the Maintenance Reserve Fund applicable in QLD) are limited to CPI and external cost increases (e.g. council rates) unless approved by the residents.

If you’re considering moving into one of our comfortable Serviced Apartments, you will be required to pay additional fees for the Apartment’s facilities and fixed costs for the providing of services.

Additional feed services include:

• Breakfast, lunch and dinner
• Weekly supply and launder of bed and bath linen
• Weekly housekeeping

For the most up-to-date and specific information about fees and charges, please refer to the separate ‘Prices, fees and charges’ flyer for each Retirement Community. This will provide you with the current schedule of general and additional service fee information specific to each Retirement Community, allowing you to accurately plan for how much you need to retire in a Serviced Apartment.

This fund aims to maintain the community’s capital assets, ensuring they are kept in good working order and presentation.

Contributions to this fund are considered annually by an Independent Quantity Surveys Forecast. The monies are held in a separate trust account and remain dedicated to the community.

If you’re retirement planning in Australia, it’s also important to consider what the future may look like if your health needs or circumstances change. TriCare takes special care of the reselling of your home and you don’t pay any extra for this service. We have a comprehensive ongoing marketing strategy geared towards attracting prospective residents to all our Retirement Communities. Our marketing and management teams are committed to locating a buyer for your unit as soon as possible, so you won’t have to worry about the stress of selling your home for good value.

When you vacate your unit, TriCare will determine the reinstatement or renovation works that are reasonably necessary to be completed in order to reinstate the unit back to a marketable condition. 

If applicable, TriCare and the outgoing resident will share the cost of the reinstatement/renovation works as set out in the Disclosure Document And Resident Contract.

In a nutshell, the Exit Fee, or sometimes referred to as the Deferred Management or Departure Fee, is a one-off cost payable when you leave your retirement community home – enabling you to have a lower upfront payment.

Many Retirement Villages across Australia use this model. It allows you to embrace life within a Retirement Community without the additional upfront cost, giving you access to more funds for during your retirement.

What exactly does the Exit Fee cover?

The Exit Fee we charge you is directly reinvested back into your Retirement Community to cover the replacement, upkeep or renovation of any assets, community facilities, units and Serviced Apartments now and into the future.

It also covers costs associated with marketing and selling of the units, management and corporate expenses relating to the community, General Service Fees and Maintenance Reserve Fund Contributions for units not sold within 90 days, and company profit.

Please refer to the community-specific Disclosure Document for current Exit/Departure Fee information.