retvilldotnet: A problem with the new Victorian Retirement Villages Act

Monday, 13 January 2025

A problem with the new Victorian Retirement Villages Act

A problem with the new Victorian Retirement Villages Act.

There is a problem with the new Victorian Retirement Villages Act, the Jacinta Allan Labor government allows village operators to abuse the statutory term 'adjusted maintenance charge'. Village residents are misled into believing that the 'adjusted maintenance charge' is the 'maintenance charge' for the previous year adjusted for cpi. This is incorrect and residents are overcharged tens of thousands of invalid fees.

By statute the 'adjusted maintenance change' is the maintenance charge' in the very first year of the village, adjusted for cpi in each year thereafter. There is an easy fix just change 'adjusted maintenance charge' to 'BENCHMARK FEE'.

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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.