"Living in a retirement village has the capacity to be a great lifestyle decision, sadly it also has the capacity to be your very worst financial decision." - RETVILLDOTNET.
An example for a village with the Deferred Management Fee calculated on the ingoing $$$.
"My father must have been one of the few people who lost money when he sold his home in a booming Melbourne property market. This huge loss on his home, in a popular suburb not far from the CBD, was despite it selling for more than he paid for it. The problem? He bought into a retirement village." - Diana Thorp. Sunday Herald Sun. 22/08/21
An example for a village with the Deferred Management Fee calculated on the outgoing $$$.

Monday 25 April 2022

Danger in Retirement Village Resident Fees

 

Evidence for many residents in retirement villages shows they are being taken advantage of for items in their units where they are arbitrarily being made responsible to pay for repair and/or replacement.

Retirement Villages come under Victorian law whereas aged care facilities come under commonwealth law. Regulation 11(1h) under Victorian law requires a village operator to list the relevant fixtures, fittings and furnishings in the contract before the contract is signed. 

A resident in a Victorian retirement village paying for repair or replacement of fixtures, fittings or furnishings not listed in your contract? Seek advice now from a local free legal advice service, your solicitor or Consumer Affairs. 

Currently the Retirement Villages Act 1986 is under review by the State Government, if this matter is applicable to you or there is another matter of concern to you make those concerns known to your local State Government representative.

Find you local state government representatives - https://www.parliament.vic.gov.au/about/people-in-parliament/members-search/search-members





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Function of Government

The role of government is to create an environment for commerce to function whilst at the same time protecting retirees and particularly vulnerable retirees from both financial and emotional harm emanating from that function.

The Victorian Retirement Villages Act 1986 provides the environment for commerce to function but fails to fully protect retirees from financial and emotional harm as a result of it.

The Victorian legislative definition of a retirement village in demanding the payment of an 'in-going' amount without the transfer of property ownership is a major contributor to that financial and emotional harm suffered by retirees.


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