Choosing where to live in retirement can be a big decision. Options may include:
- Own home
- Rental
- Granny flat
- Retirement village
- Land-lease retirement community
- Residential aged care
Before deciding, consider the costs, security of your capital, access to care, government assistance and what happens to your money when you leave.
When are the options available?
Residential aged care is designed for people who need ongoing care and support and requires an assessment through My Aged Care.
Retirement villages and land-lease communities generally do not require an assessment, but usually have minimum age requirements.
What government assistance is available?
Most retirement accommodation is privately funded. However, eligible people may receive Rent Assistance or government-subsidised aged care services.
See Services Australia – Rent Assistance and My Aged Care for more information.
Can I access equity in my home?
Homeowners may be able to access their home equity through borrowing or the Home Equity Access Scheme, subject to eligibility.
See Services Australia – Home Equity Access Scheme.
To understand which funding approach is right for you, speak with an aged care financial specialist before accessing your home equity.
Accessing equity is generally more limited in retirement villages and land-lease communities.
How much capital will I get back?
This depends on the accommodation:
- Own home: sale price less selling costs.
- Retirement village: depends on the contract and may include deferred management and other fees.deferred management fees, exit fees, and other fees. Accessing home equity through borrowing is not available.
- Land-lease community: generally depends on the sale price of the home and the terms of the contract.
- Residential aged care: a Refundable Accommodation Deposit (RAD) may be refunded, less retention amount and other deductible fees.
Book a complimentary session with our Aged Care Financial Specialists so you clearly understand the fees and costs ahead. Additional information is available from the Australian Government Department of Health, Disability and Ageing.
How secure is my capital and how quickly can I get it back?
Your home is subject to property market conditions. Retirement village and land-lease arrangements can require you to wait for the property to sell before receiving your capital.
Residential aged care has specific rules for refunding RADs, including a requirement for facilities to return the balance within 14 days — a safeguard designed to protect residents and families, with penalties applied if providers delay.
Is it government regulated?
Retirement villages and land-lease communities are mainly regulated under state and territory legislation. In Queensland, see Queensland Government – Retirement Villages.
Residential aged care is regulated by the Australian Government.
Is care available?
Residential aged care provides ongoing care and support. In other accommodation options, you may be able to access government-subsidised CHSP or Support at Home services, or arrange private care.
Quick Comparison: Residential Aged Care Only
| Own Home | Rental | Granny Flat | Retirement Village | Land-Lease | |
|---|---|---|---|---|---|
| Capital returned | Sale less costs | N/A | Depends | Contract/fees | Sale price |
| Capital security | Property market | N/A | Depends | Contract/operator | Contract |
| Access equity | Yes | No | Generally no | Generally no | Generally no |
| Care provided | No | No | May be available | May be available | May be available |
| Subsidised home care | Yes | Yes | Yes | Yes | Yes |
Need help with aged care finances?
If you are considering entering residential aged care or reviewing how you are currently paying for your accommodation, Holzworth Partners can help you understand the financial options available to you.
📞 07 3999 9751
🌐 Book Now –Holzworth Partners
Important: This is a general guide only. Fees, rules and government assistance can vary depending on your circumstances and may change over time. We recommend researching your options and seeking appropriate financial, legal and aged-care advice before making a decision.