The Act Review summary

The table below shows the key components of the review we are undertaking.

Each component has some important sub-components which are described in detail in the Discussion Paper

Have a read through the Discussion Paper and the questions and get involved!

Retirement Villages Act key component Sub-components within each topic

1. Before moving into a village

Deposits

  Disclosure statement
  Information to be provided before a person can sign a residence contract
  Disclosure period before signing a contract
  Cooling-off period
  Repayment of an in-going contribution if a resident cools-off
  Premises condition report
  Purchasing residences off the plan
  Settling-in period

2. Matters relating to living in a village

Financial matters:

  • Increases in recurrent charges
  • Breakdown of expenditure items in a village’s budget
  • Breakdown of expenditure items in audited statements
 

Process for an increase in recurrent charges:

  • Residents paying increased fees before the annual meeting
  Consultation with a residents’ committee
  Other financial requirements – surplus and deficit policy
 

Proceedings at meetings of residents:

  • Voting
  • One vote per residence
  • Special resolution definition
  • Minutes of meetings
 

Consultation with residents:

  • Residents’ committees
  • Consultation with all residents
  • Residents’ committees
  • Consultation with all residents
 

Disputes:

  • Dispute resolution policy
  • Disputes – SACAT process
  Lease of land in a retirement village
  Rental tenants in retirement villages
 

Health and safety:

  • Code of Conduct
  • Emergency procedures

3. Leaving a village

Termination of a resident’s right to reside in a retirement village
  Notice to vacate but remain in occupation
 

Remarketing of a residence:

  • Remarketing policy
  • Resident participation in remarketing
 

Refurbishment or reinstatement of a residence:

  • Vacated premises report
  • Refurbishment or renovation of a residence
  Leaving a retirement village to enter aged care
  Payment of recurrent charges for six months after vacating a village
 

Payment of exit entitlement:

  • Payment of an exit entitlement after 18 months
  • Information about where an exit entitlement is to be paid
  Exit fees

4. Miscellaneous/other issues

Endorsement of certificates of title
 

Villages with multiple sites

  Definitions in the Act
  The requirement for an ingoing contribution
  Abandoned goods
  Exemptions
  Terminating a retirement village scheme
  Enforcement of legislation
  Home care services in retirement villages

 

Upcoming key dates

Fri, 26 Mar 2021 at 5:00 PM

CLOSING DATE: Review of the Retirement Villages Act 2016