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

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.

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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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