"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 25 June 2019

Minister Questioned Over Retirement Village Inaction


Tania Maxwell MP Member for Northern Victoria questions Consumer Affairs Minister Marlene Kairouz over the lack of action on Retirement Village reform.


"My adjournment matter is for the Minister for Consumer Affairs.

It is about the ongoing delay in the Government’s response to the report of the Legal and Social Issues Committee’s Inquiry into the retirement housing sector that was tabled in March 2017.
Of all the matters canvassed by the committee in that report, the two to which I would like to direct the most immediate attention are covered by Recommendations 2 and 15.  Respectively, they called on the Government to:
  • review the Retirement Villages Act 1986, following sector-wide concerns especially around dispute resolution and transparency of disclosures; and
  • introduce a new alternative for low cost, timely and binding resolution of disputes, through a new body or by extending the powers of an existing ombudsman.
I wholeheartedly support both those recommendations, because they speak to changes which are still clearly and urgently needed.

Even as recently as last month, the Minister for Consumer Affairs was still saying the Government is committed to holding the review and further considering dispute resolution processes in retirement villages.

So, set against all of that background, the action I seek from the Minister is the provision of a definitive statement on the public record about when the review of the Retirement Villages Act 1986 will specifically begin.  As well as when a new body or extension of the powers of an existing ombudsman will be enacted to protect consumers.  In turn, I also ask that the Minister specify who is conducting the review, what its terms of reference are, and when it will report."

Read the full transcript here:- http://taniamaxwell.com.au/adjournment-review-of-the-retirement-villages-act-1986/




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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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