Each move within a village incurs a cost. If moving between independent accommodation types (such as downsizing to a smaller unit), you will pay a ‘transfer fee.’ This is generally charged at a fixed percentage of the original license fee (which can range from 2 – 15%). You won’t have to pay this upfront; the transfer fee will be deducted from the final payment you receive when exiting the village.
If you have the option of moving to a higher level of care, such as care apartment, you won’t have to pay a transfer fee. However, as you will need to terminate your ORA and enter into a new contract for residential care, a second Deferred Management Fee (DMF) will be applied.
If transferring from one care suite to another, you will need to pay the difference (if any) in the cost of the suite.
Learn more about the cost of living in a retirement village.
Updated: 25 Mar 2024