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

Tuesday 18 September 2018

Retirement Village Royal Commission Called For

A Melbourne Age newspaper editorial called for retirement villages to be included in the royal commission into aged care.

Aged care royal commission needs to include retirement villages


"As The Age has said for years and demonstrated with many shocking stories, the aged care sector requires radical reform. Numerous inquiries have reached similar conclusions.

The brief needs to extend beyond what was announced by Mr Morrison. He neglected to mention retirement villages – a glaring and unacceptable omission. Such villages form a multibillion-dollar sector also plagued by many instances of poor treatment of the elderly and financial scandal. Evidence should not be shackled by federal/state sensitivities."


The full story can be read here - https://www.theage.com.au/national/aged-care-royal-commission-needs-to-include-retirement-villages-20180917-p504cj.html
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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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