"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 27 July 2021

Fee for New Retirement Village Residents

For Victorian Retirement Village residents a legal opinion has been obtained that it is is a breach of the Retirement Villages Act 1986 for an operator to arbitrarily charge a 'new' resident a higher adjusted maintenance charge than existing residents.

"In our view, to the extent that the operator is charging new residents a maintenance charge greater than the adjusted maintenance charge where the increase has not been approved under section 38(4) of the RV Act, does not represent one of the exceptions in section 38(5) and is not a special levy under Section 38(6), the operator is in breach of section 38 of the RV Act."

Anyone being impacted should seek professional advice.






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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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