Under the amendments which will be rolled out in two stages from 1 February 2019, units must be bought back by the operator within 18 months if they haven’t been re-sold under a new mandatory buyback guarantee.
Residents must also be supplied with both a village comparison document so potential residents can compare different villages, and a prospective costs document outlining what they can expect to pay for their time in the village.
New behavioural standards for both operators and residents are already in place too.
Comparing apples with apples
It’s timely news for those who may be considering moving into a village or community, as well as current residents.
Queensland had introduced their legislation last year following the Fairfax/Four Corners investigation into the retirement village industry to ensure the process of moving into a village – and living in one – is simpler and more straightforward for both residents and operators.
Changes are also coming to the other states and territories too.
NSW will be the next to see similar new laws, with amendments to its Retirement Village Act put forward to Parliament last month.
Watch this space then.
