Costs & ownership
Buying into a retirement village is different to buying a residential property. It is important to understand the costs involved when you buy with us, while you are living with us, and when you leave us.
The type of ownership agreement at The Rise is lease and licence. This means that you are purchasing a long-term lease (usually 100 years) to live in your home.
Once you’ve made the decision to move into The Rise at Wood Glen, you’ll need to make an entry payment for your home. The amount will depend on which apartment you choose.
Change of mind
We want you to feel confident in your decision to move into a RetireAustralia village, which is why our independent living residence contract offered at The Rise includes cooling-off period and settling-in periods.
If you change your mind within the 21-day cooling-off period, you’ll get your deposit back in full. And if you decide the village isn’t right for you within 90 days of moving in, we’ll reimburse your ingoing contribution* within 30 days so you can focus on your next move.
*Fees and charges applicable
Once you move in to your beautiful new apartment, you’ll enjoy a relaxed, secure lifestyle while our dedicated team looks after things like home and garden maintenance and upkeep of common facilities. You’ll pay regular service charges to cover these costs.
As the cost of services and maintenance increase from time to time, our service charges also increase in line with our village costs. By law, our charges are based on cost recovery only, meaning village operators cannot profit from them.
Personal expenses like insurance, internet and extra care services are additional costs to consider.
We know leaving the village can often be difficult for residents and their families, so we aim to make the process simple and stress-free.
RetireAustralia will prepare, market and sell your apartment for you, in most cases at no extra cost, except in the event of exceptional wear and tear, damage, or alterations or additions to your apartment.
Under our independent living residence contract we will buy back your apartment after 6 months to give you the certainty to plan your next move.
Deferred payment fee
Like the majority of retirement village operators, RetireAustralia retains a portion of the funds from the sale of your apartment as a deferred payment fee. This deferred payment fee covers large-scale village improvements and RetireAustralia’s investment.
Our independent living residence contract allows you to calculate exactly how much you’ll get back based on your entry payment. The deferred payment fee will not exceed 35%, no matter how long you stay in the retirement village.