The Transfer of Intergenerational Wealth

"Families need to be aware that what we are talking about here is the transfer of intergenerational wealth, not to families, but into the pockets of large multi-nationals.

Shame about elderly people not having enough money for aged care."

Tom Gait, Retirement Village Residents Association.

Saturday, 14 July 2018

Residential Tenancy Within Retirement Villages

Victoria is lagging behind New South Wales in regard to a residential tenancy agreement within retirement villages.

The Victorian legislation defines the ingoing payment by 'whether in a lump sum or by instalments but does not include rent', accommodation by way of a residential tenancy cannot be offered by the operator.

NSW legislation does not include the phrase 'but does not include rent' thereby allowing an operator to provide accommodation in a defined retirement village by way of a residential tenancy agreement.

There has been long term grass roots advocacy in Victoria for an amendment to the legislation.

residential tenancy in retirement villages

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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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