Over the last year we are hearing more and more about retirement village residents being caught up in dodgy contract practices from the owners and operators of the villages.
But now villages in the Hunter will be sleeping a little easier, with the Minister for Better Regulation Matt Kean introducing a four-point plan to help safeguard the rights of residents in retirement villages, and protect them from dodgy contracts with hidden fees and charges.
The four-point plan comprises of an inquiry which will make sure residents have the protections they deserve, an overhaul of the Retirement Villages Regulation 2009, the introduction of an online calculator that will help future residents and their families better understand the costs of living in a retirement village, and finally NSW Fair Trading will launch a compliance blitz targeting retirement villages across the state.
Parliamentary Secretary for the Hunter Scot MacDonald says the reforms will certainly put consumers first and most of all protect residents.
"People who are in villages in particular, not feeling that they've been getting a fair deal from the owners of these villages and the operators. There has always been some tensions there but it has come to a head over the last few years or so."
He adds it will safeguard residents and bolster transparency around fees and charges in contracts which has been the biggest point of contention, particularly recently. One of the most pivotal points of the plan is Kathryn Greiner AO looking into the protections and compliance of villages.
"She'll look at the Retirement Villages Act. She will be looking at how the retirement villages are working, whether they're complying, whether they're registered properly and certainly hearing form members of those communities," said Scot MacDonald.
