Bupa New Zealand introduces six month buy-backs for new Retirement Village Residents

Bupa New Zealand has introduced a six-month buy-back provision in all new independent living Occupation Right Agreements (ORAs) from July this year.

The six-month buy-back provision gives new residents greater certainty that Bupa will repurchase their home within six months and five working days of vacating a Bupa village even if it has not sold.

Bupa New Zealand’s Managing Director Pedro Sanchez says Bupa already buys back the majority of villas and apartments within six months, and introducing a six month buy-back in all new contracts is about giving new residents and families greater certainty during a significant life transition.

He says, "Moving into a retirement village is one of the biggest lifestyle and financial decisions many older New Zealanders make. Residents deserve confidence, not only while they are living in a village, but also when they leave.

"Waiting extended periods for repayment can create uncertainty and stress for residents and families, especially when funds are required for ongoing care. We’re taking the guess work out of the next step after leaving a village.

“While residents are informed about how long homes are taking to sell before they move in, that can change over time. We believe having the clear six-month timeframe in our contracts provides the certainty New Zealanders are looking for," he says.

The six-month buy back is available now to new Bupa customers and is subject to the terms and conditions of the ORA.