Saturday, 30 June 2018

Grandma & Grandpa Are Corporate Financiers

In a great article at https://www.michaelwest.com.au/ Michael West goes behind the veil of the retirement village industry.

He points out that Grandma and Grandpa have become, unbeknown to them, corporate financiers through their lease/licence of a unit in a retirement village.

 "It would be interesting to know just how many retirees know, when they finally alight upon a leafy retirement village to while away their twilight years, that they are using their nest eggs to make a large, unsecured, interest-free loan to a property developer."

This article is a must read for all legislators, current and prospective residents of a retirement village.

Read the full story here - https://www.michaelwest.com.au/retirement-villages-how-grandma-and-grandpa-become-corporate-financiers/



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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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