Victorian State Government
INQUIRY INTO THE RETIREMENT HOUSING SECTOR
The Legal and Social Issues Committee to inquire into, consider and report, no later than 1 March 2017, on the operation and regulation of the retirement housing sector (including retirement villages, caravan parks, residential parks and independent living units) with the aim of identifying opportunities for improvement and reform.
The Victorian Parliament’s Legal and Social Issues Committee has held a comprehensive inquiry into the operation and regulation of the retirement housing sector.
Retirement villages, caravan parks, residential parks and independent living units were all included in the scope of the inquiry.
Submissions made to the enquiry are available to read here:-
http://www.parliament.vic.gov.au/lsic/article/2970
Hearings and Transcripts are available to read here:-
http://www.parliament.vic.gov.au/lsic/article/2971
The final report is available for download here:-
LSIC/Retirement_Housing/Report/LSIC_58-06_Text_WEB.pdf
The Victorian Government response to the report is available here:-
The Government response to the report tabled in Parliament on 7 September 2017
"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 $$$.
An example for a village with the Deferred Management Fee calculated on the ingoing $$$.
"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 $$$.
An example for a village with the Deferred Management Fee calculated on the outgoing $$$.
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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