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

Sunday 15 April 2018

Retirement Village Reforms Demanded

Retirement Village Reforms Demanded is the theme of a short video produced to push for reforms to the retirement village industry.

 

 Areas residents are looking for reforms are inclusive of:-
  • Thorough review of the retirement village legislation.
  • Easier access to the law through the appointment of an Industry Ombudsman.
  • Simpler occupancy contracts.
  • An end excessive fees.
  • A village accreditation system.
  • Higher management standards through formal training.
  • More operational transparency.
  • Better legal and financial advice.
  • Mandate a 'residential tenancy' option.
"Living in a retirement village has the capacity to be a good lifestyle decision but also the capacity to be a poor financial one" - www.retvill.net  

Retirement Village Reforms Demanded
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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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