Monday, 16 July 2018

Legislative Change Needed for Victorian Retirement Villages


The push continues to revise the definition of a retirement village in the Victorian Retirement Village Act 1986 to make all cost inclusive residential tenancy contracts the mandatory first offer.

Because
  • This will provide transparent and thereby lower cost rates for future retiree lessees.
  • Would allow retirees to rent, when they do not have the capital to loan interest free to the developers.
  • It will simplify and shorten contracts so that they are more acceptable
  • It will introduce free market competition.
  • It will free up family housing in the community.
  • Should increase the retirement village uptake rate presently quoted at 5.7% of over 65 year olds compared to 15% in the USA.
The NSW government has made a change to their act which allows residential tenancy within a defined retirement village.

The main area of contention is that retirees must pay an in-going contribution that in Victoria cannot be rent. The phrase 'cannot be rent' has been removed from the NSW Act.

legislation change need for retirement villages



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