You have three business days from the day you sign to terminate the retirement village contract. This is called the ‘cooling off period’.
Your retirement village contract must include a conspicuous notice about the terms of the cooling-off period.
You can terminate a retirement village contract within the three-day cooling-off period by either:
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giving a signed notice to the village owner or manager
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leaving a signed notice at the owner’s address stated in the retirement village contract, or at the manager’s address.
If your contract did not include a conspicuous notice about the terms of the cooling off period, you have six months from the time of realising this to terminate the contract. To do this, you must give notice to all other parties to the contract.
If you cool off on the contract:
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you are entitled to get back most of any ingoing contribution or deposit you have paid
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the retirement village owner can keep either $100 or 0.2 per cent of the ingoing contribution paid by you (whichever is greater).