Arvida introduces new buy-back timeframes that give residents greater certainty and flexibility

The standard Arvida Occupation Right Agreement (ORA) for independent retirement village residents now has a 12-month buy-back timeframe. This gives new residents and their families greater certainty and peace of mind when entering an ORA.

From now on, residents signing an ORA with Arvida will benefit from a buy-back of their home by Arvida at the earlier of when the unit is resold or at 12 months from vacation date, if the unit has not been resold - giving families more confidence and financial clarity at exit.

Also announced, Arvida is offering a new option for new residents of a shorter six-month buy-back timeframe paired with a higher 35% Deferred Management Fee (DMF). The new options come just two weeks after the recent reforms to the Retirement Villages Act 2003 were proposed by the Government, including provisions requiring operators to repay residents’ funds within 12 months of vacancy - and to pay interest if funds remain unpaid after six months.

It could take two to three years for the proposed changes to legally come into effect. We wanted our incoming residents to get the benefit of the buy-back timeframes immediately. By offering these buy-back options, Arvida is going beyond the proposed minimum requirements and bringing more certainty directly into new ORAs.”

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Arvida Chief Executive, Jeremy Nicoll

“We understand how it can sometimes be stressful and uncertain for families when waiting for funds to be repaid. We believe these options will give even more certainty, clear exit pathways, and more genuine choice when moving into our communities,” Nicoll says.