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

Thursday 19 July 2018

Community Backlash For Actions Of Anglican Bishop

The Weekly Source reports -

"A proposed merger of aged care homes Kellock Lodge in Alexandra and St John’s Village in Wangaratta – where 10 residents died in last year’s flu outbreak – has Alexandra locals voicing their opposition at a community meeting.



They have been backed by three of Kellock’s eight directors in a public letter, stating that given the facility has $9 million in the bank, the accreditation issues have been resolved and the community support, there is no “reasonable or defendable rationale” to support the merger."

Read the full story here - https://www.theweeklysource.com.au/vic-anglican-bishop-backed-merger-of-controversial-flu-aged-care-home-faces-backlash-from-community-and-board-9m-in-play/

The 'Friends of Kellock Lodge' group have an on-line petition which can be accessed here - https://www.change.org/p/friends-of-kellock-save-kellock-lodge
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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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