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

Wednesday 27 June 2018

Bishop's Plan for Kellock Lodge Rejected by Public

The Local Paper reports -

Alexandra locals have expressed their displeasure at Bishop John Parkes and the Diocese of Wangaratta.

Bishop Parkes has declared that Kellock Lodge in Alexandra is to be merged with what appears to be a financially troubled St. Johns Village in Wangaratta.

Alexandra locals claim St. Johns is not coming to the rescue of Kellock Lodge, Kellock Lodge would be coming to the rescue of St. Johns. The move by the Bishop (Diocese) is to force us to do so

See the full report here - https://issuu.com/mediaflash/docs/lpy_kellockreport

Image credit to the Local Paper

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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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