Comparing Village Retirement Communities in Victoria is getting easier!
Village Retirement Communities in NSW
Last week retirementvillageinfo.com.au posted an article outlining some positive legislative changes that were happening in NSW. The article was entitled Retirement Villages Regulation (NSW). The basis of that article was that in October 2013 three new mandatory documents come into effect. The three documents are the general inquiry document, the disclosure statement and the standard retirement village contract. All three documents will make it easier for those moving into village retirement communities. The documents will help purchasers get enough information to compare village retirement communities and make informed decisions. All prior to signing a contract. For more information on the NSW changes, go to www.legislation.nsw.gov.au.
Village Retirement Communities in VIC
Hot on the heels of the New South Wales government announcement, there is good news for Victorians considering moving into a village retirement community. On 16th May 2013, the Victorian government released a Regulatory Impact Statement in relation to information provided to retirement village residents, and also asked for public submissions and feedback on the changes.
The changes to the Victorian regulations are very similar to the recent changes in New South Wales. They include:
- A document very similar to the NSW general inquiry document that is to be given to anyone who expresses an interest in any retirement village. The document will include general information about costs, the size of village, what type of village contracts there are, what services are available in the village as well as providing access to inspect relevant village documents.
- A document very similar to the NSW disclosure statement that is to be given to anyone prior to them signing a retirement village contract. The document will include more specific information about the costs associated with the contract they are about to sign, including the ingoing costs, ongoing costs and departure costs.
- A standardised structure for a retirement village contract, ensuring they can be compared more easily and that they are easier to understand.
- A document that outlines the mandatory rights of all parties to the retirement village contract. That includes the rights and responsibilities of the residents, the managers and also the retirement village owners.
These seem to be positive changes and should help make the confusing world of retirement village contracts and legislation a little easier to understand. If you wish to have input into these changes, the Regulatory Impact Statement can be downloaded from www.consumer.vic.gov.au/consultations. Submissions will be welcome until 19 July 2013.
Consumer Affairs Victoria oversee the Retirement Villages Act in Victoria. They deal with any issues or complaints that arise out of that legislation. In 2012, they dealt with 630 enquiries relating to village retirement communities. These included queries about management fee increases, delays in refurbishment, how to sell a unit, queries about contract terms and fees, the ability of residents to raise concerns and many other aspects of the legislation and regulations around village retirement communities.
Ideally, village retirement communities and the associated legislation would be clear and straightforward. This would allow retirees to enjoy their retirement and make decisions with a minimum of stress. Unfortunately this is not the case. www.retirementvillageinfo.com.au has been designed to provide all the information you need, in one place, to help make the right decision, without all the stress.
To watch a free video presentation on how to buy a retirement village home, and avoid the single biggest mistake made by up to 80% of retirement village home buyers, go to retirementvillageinfo.com.au.
The information retirement village residents wish they had before they bought their retirement homes.
