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

Monday 17 September 2018

Royal Commission For Retirement Villages?

An advocate for retirement village reforms wrote to the relevant Ministers Greg Hunt and Ken Wyatt asking for retirement villages to be included in the Royal Commission into Aged Care.

"Dear Ministers,

There are many reasons why the Royal Commission into Aged Care should include Retirement Villages but I would like to draw your attention to one critical matter.

The industry direction for residential Aged Care and Retirement Villages is a closer relationship and where possible a joint facility where the operator is a registered care provider, providing in home care to the residents of the retirement village section.

  • This leads to aged Australians spending a longer period in a retirement village and a shorter period in residential aged care.  Critically this will mean older Australians will spend most of their latter years under State Government legislation rather than Commonwealth legislation.

Professor Tim Kyng from Macquaire University and Paul Latimer from the Swinburne Law School have both made persuasive arguments for retirement villages to come under federal law.   


The proposed Royal Commission should at a minimum look into whether retirement villages, for the reasons outlined in the material above, should come under Commonwealth law.

Thank you,

Les Scobie"
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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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