"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 2 November 2020

Thinking Of Moving Into A Victorian Retirement Village

For those Victorians thinking of moving into a Retirement Village these documents lodged with Engage Victoria in the review of the Victorian Retirement Villages Act are a must read.

It must be noted here that -

72% of retirement villages are owned by commercial for-profit operators. Past years of an industry full  of benevolent not-for-profit operators are well past.

74% of retirement village residents do not occupy their units on a freehold basis, simply a conditional right to occupy.

These documents contain various suggested legislative changes required to protect Victorian retirees entering retirement villages. All are written by someone who has lived the experience, not just studied it from the outside or accepted the singular self interest view of industry representatives.

https://s3.ap-southeast-2.amazonaws.com/hdp.au.prod.app.vic-engage.files/2416/0004/4208/RVAct_Submission_008_Les_Scobie.PDF

https://s3.ap-southeast-2.amazonaws.com/hdp.au.prod.app.vic-engage.files/4016/0004/4208/RVAct_Submission_009_Les_Scobie.PDF

https://s3.ap-southeast-2.amazonaws.com/hdp.au.prod.app.vic-engage.files/7815/9954/9646/RVAct_Submission_014_Les_Scobie.PDF

https://s3.ap-southeast-2.amazonaws.com/hdp.au.prod.app.vic-engage.files/8916/0004/4989/RVAct_Submission_018_Les_Scobie.PDF

https://s3.ap-southeast-2.amazonaws.com/hdp.au.prod.app.vic-engage.files/1516/0004/4987/RVAct_Submission_019_Les_Scobie.PDF

https://s3.ap-southeast-2.amazonaws.com/hdp.au.prod.app.vic-engage.files/1816/0004/4988/RVAct_Submission_020_Les_Scobie.PDF

https://s3.ap-southeast-2.amazonaws.com/hdp.au.prod.app.vic-engage.files/8316/0012/4771/RVAct_Submission_076_Les_Scobie.PDF

https://s3.ap-southeast-2.amazonaws.com/hdp.au.prod.app.vic-engage.files/6915/9954/9662/RVAct_Submission_149_Les_Scobie.PDF






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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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