All Retirement Village operators must comply with specific legislation that protects the rights of residents. In very broad terms, the purpose of this legislation is to clearly outline the rights and obligations of both the residents and operators. It also aims to ensure that the operator provides you with enough information so you fully understand what those rights and obligations mean for you.
Oak Tree places the interest and wellbeing of residents as a priority; we’re always here to answer questions and offer information upfront. You can contact us anytime for more detailed information or for a copy of the Retirement Villages Act for your state.
In accordance with legislation, our residents must be over the age of 55 (or at least one partner who is), however our average age of entry across the group is 73 years.
Our villages attract residents who have been retired for some years and are now finding the ongoing maintenance of their current homes overwhelming and are also seeking regular companionship and security.
You can keep your current home as an investment or choose to sell it. In most cases, our residents need to sell their home to raise funds for their new life with Oak Tree.
Your villa contract may be signed subject to the sale of your home (normally allowing 2-3 months for the sale to occur). If you don’t sell your home within this time frame then you, or Oak Tree, may end the contract. However, you may be able to receive an extension if both parties are agreeable.
Our Sales Consultant will work closely with you to ensure the timing of selling your home and settling on your new villa, flows smoothly. You can feel secure in knowing your $1,000 deposit is 100% refundable at any time.
Officially referred to as a Deferred Management Fee (also known as an exit fee or departure fee) it is the most common financial structure for Retirement Villages in Australia.
This concept was originated in the 1950’s to meet the growing demand for affordable senior housing. It provides an opportunity to enjoy all the benefits of community style living at an affordable price which is recouped at your time of leaving in the form of a Deferred Management Fee.
Your Sales Representative or Village Manager can explain to you how it is calculated and the options available to you.
Similar to a body corporate arrangement, the weekly service fee (also known as the general service charge or recurrent charge) covers costs such as; village maintenance, garden & lawn services, building insurance (excludes contents), upkeep of the village infrastructure, council rates, community centre facilities, as well as the Village Manager’s salary and administration costs.
You’ll need to budget for additional personal expenses such as; villa electricity, telephone, contents insurance and other chosen services you may wish to connect to your villa such as Foxtel or the internet.
Typically, this service charge increases in line with CPI (the general average increase of costs across all goods and services calculated from the ABS). As our residents are important to us at Oak Tree, our managers and administration staff work together with quality suppliers to guarantee affordable pricing for all residents.
You may terminate your right to reside in the village by providing Oak Tree with 1 month’s written notice of your intent to vacate your villa. Upon vacating your villa, Oak Tree will undertake reinstatement works if required and prepare the villa for resale.
Oak Tree will keep you informed throughout this process.