retvilldotnet: Retirement Village Demonstrably More Expensive Than Residential Tenancy

Monday, 20 January 2025

Retirement Village Demonstrably More Expensive Than Residential Tenancy

Victorian Retirement Village residents can pay multiple times the cost of a residential tenancy for what is the same primary product, residential accommodation. Retirement villages are all smoke and mirrors hiding the true cost.

Property ownership through retention of the family home or a true Body Corporate retirement village the only defence.

retirement village versus a residential tenancy

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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.