"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 16 August 2018

Kellock Lodge Aged Care Agreement Reached

The residents of Alexandra in Victoria have reached an agreement with Bishop John Parkes to purchase the aged care bed licences and take full control of the local aged care facility from the Anglican Diocese of Wangaratta.

Bishop Parkes was working toward an amalgamation with the Anglican aged care facility in Wangaratta. See previous story - Community Backlash For Actions Of Anglican Bishop

Alexandra businessman Larry Fallon brokered the deal with Bishop Parkes after the initial actions of Bishop Parkes divided the community. The deal sees Kellock Lodged paying $3.5m dollars for 50 aged care bed licences with the building and land being transferred into a new entity to be formed locally in Alexandra.


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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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