FREQUENTLY ASKED QUESTIONS
What is a retirement village?
A retirement village is a community of villas or apartments, purpose designed for people over 55 who still live independently in their own home. As an Oak Tree resident, you’ll enjoy many benefits including the companionship of likeminded neighbours, the security of living in a community gated nightly for your peace of mind, less maintenance responsibilities, purpose-built village facilities, and more.
Who can live in a retirement village?
Anyone who is aged 55 and over can live in an Oak Tree retirement village, whether they’re retired or still working.
Can I live in a retirement village if I still work?
Yes, you’re more than welcome to continue working after you move into an Oak Tree retirement village. We have many residents who are still active members of the workforce.
How do retirement villages work?
Retirement villages in Australia may be owned by private companies, not for profits, or publicly listed companies. Founded in 2004, Oak Tree are a privately owned, Australian made and operated company. We have built a reputation for being a respected brand, through our credibility and tenure in the industry.
What are the contract options for moving into a retirement village?
At Oak Tree, we offer an entry model that will help simplify the transition to your new home and lifestyle.
You will acquire a right to reside in a villa or apartment in the village by entering into a Lease or a Licence (also known as a residence contract). The loan/lease or loan/licence model are the most common contract structures in the retirement living sector.
What are the benefits of the Oak Tree purchase structure?
- No stamp duty or GST will be payable by you on the up-front entry price of your villa
- Your exit fee will be deducted from your exit entitlement, and therefore is only payable once your villa has been re-leased to a new resident, or when we are required to make payment to you under your contract
- We will maintain your villa in accordance with the terms of your lease/licence and the village facilities and grounds
- We will continue to promote the village to new residents
- Oak Tree will not charge any commission if appointed by you to re-lease your villa
- The reinstatement or refurbishment costs payable by you are in accordance with the retirement village legislation applicable to your state.
Are retirement villages aged care facilities?
No. Retirement villages are designed for people over 55 who can live independently in their own homes, while enjoying the shared facilities and many benefits of the lifestyle. Residents who live in aged care facilities or nursing homes require a level of daily care for their health and safety that is not provided in a retirement village. In order to move into a government funded aged care facility, you must undergo an assessment by a government appointed aged care assessment team (ACAT). There is no assessment required to move into a retirement village.
Can visitors stay with me in my villa or apartment?
At Oak Tree, we encourage our residents to invite friends and family to visit or stay in your villa for short time periods. They’re also welcome to utilise the village facilities with you.
In the interests of the safety and security of our residents and to ensure visitors get the most out of their stay, all visitors and residents must comply with our visitor policy.
Can I visit a retirement village to see if it’s right for me?
Of course. Call 1300 367 155 to organise your free personal tour of the village you’re interested in, and feel free to bring friends and family along with you. Following this, the Village Manager will sit down with you and answer any questions you might have. There’s no obligation whatsoever, so rest assured you won’t be pressured into making any decisions.
How will my life change after I move into a retirement village?
The most common thing we hear from our residents is that they wish they’d downsized to Oak Tree sooner, so they had more time to enjoy the countless benefits of the retirement village lifestyle.
While there are many positive life changes that come with making the move to a retirement village, the newfound freedom, strong sense of community around you, budget certainty, enhanced sense of security, opportunities for personal growth, stronger connections with family, and feeling set up for the future are the benefits that will likely have the biggest impact on your overall happiness and quality of life.
Can I access support services while living in a retirement village?
At Oak Tree, your health and wellbeing are important to us. Many of our residents require the services of visiting healthcare professionals, such as care providers, general practitioners, physiotherapists, and podiatrists.
While we do not provide those services, you are able to access the services of external providers at your own cost. Please note that any services provided by healthcare professionals are not funded by the ingoing contribution or the weekly fees payable to Oak Tree.
Can I bring my pet?
We know how important pets are and how much more enjoyment you’ll get out of your new lifestyle with your pet by your side.
In the interests of other residents and their right to reside peacefully, you must complete a pet application form prior to your pet moving in. We will also provide you with our pet policy and agreement to read and sign, prior to the approval of your pet.
Can I make modifications to my villa or apartment?
Our homes are contemporary, sophisticated, and inviting, with modern fixtures and fittings throughout.
While most of our residents enjoy them as they come, there is the option to make alterations to your new home. Any alteration is subject to our approval and will be at your cost to install and maintain.
What is the role of the Village Manager?
Your Village Manager is a friendly face who will assist in making your lifestyle enjoyable and stress-free, and will oversee the daily running of the village, including:
- Coordinating contractors for services and repairs to the village
- Managing residents moving in and out of the village
- Managing the village budget
- Managing the preventative maintenance program for the village assets
- Management reporting
- Assistance to facilitate village activities
What is the Retirement Villages Act?
The Retirement Villages Act is state-based legislation created to protect your rights as a resident in a retirement village. It informs all owners and operators of their obligations to residents and requires them to conduct their business within a strict framework.
The overriding aim of the Retirement Villages Act is to require greater transparency and accountability of each retirement village scheme both in respect to current and prospective residents.
At Oak Tree, we proudly operate under the Retirement Villages Act, giving you the peace of mind and assurance of constant protection.
What are the costs that I need to pay to enter the village?
You are required to pay the following costs when you decide to proceed with entering an Oak Tree village:
- A $1,000 deposit for your selected villa
- Your own legal costs for an independent review of your Lease/Licence and any ancillary documents by your solicitor of your choosing
- If you have entered into a lease for the villa, the lease registration fee (reviewed annually by the Land Titles Registry). If you enter into a licence agreement for the villa, there is no registration fee.
- Your Ingoing Contribution (entry price), which is payable on the commencement of your Lease/ Licence agreement (less your deposit)
- The costs of any variations to your selected villa that you have agreed to pay.
Your deposit is fully refundable if you tell us if you have decided not to proceed with your contract and your cooling-off period has not yet ended.
You should discuss the financial structure of the residence contract with the village manager to understand costs applicable when you enter and then when you leave the village.
What happens when I leave?
We understand that our residents’ needs can change. If living independently is no longer an option and you require the care of a nursing home or aged care facility, your Village Manager will work with your family and chosen healthcare professionals to help make your transition as smooth as possible.
We understand that sometimes circumstances change, and if you choose to leave your villa, you may move out at any time. We ask that you give us appropriate notice (at least one month), so we can coordinate with you to make suitable arrangements for your exit from the village.
Your Lease will terminate automatically if you pass away (or if there are two of you named on the Lease for your villa, when the last of you passes away). If this occurs, our objective is to make the process easy for your family. We will deal with your executors in relation to the re-leasing of your villa and the payment of your exit entitlement to your estate.
You may have to pay a departure fee when you leave the village.
You may have to share capital gains received with the operator of the village.