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Fair Trading enquiries
13 32 20
 

Have your say: NSW retirement villages inquiry

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Have your say

Retirement village operators and managers are invited to make a submission to the NSW Government Inquiry into the retirement village sector. The Inquiry, led by Kathryn Greiner AO, is examining retirement village business practices and protections for residents. It will look at concerns raised about the fairness and transparency of business practices of retirement villages in NSW. This includes:

  • transparency and honesty of marketing activities
  • clarity of fees and contractual rights and obligations for prospective residents and their families
  • suitability and fairness of village maintenance and operational practices to maintain resident safety
  • availability and cost-effectiveness of dispute resolution mechanisms
  • fairness of arrangements to levy maintenance fees to maintain the village and address building defects.

Make a submission online or by post.

 

Retirement villages calculator

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Moving into a retirement village is not only a lifestyle choice, but an important financial consideration.

NSW Fair Trading has developed the Retirement Village Calculator, an easy-to-use online tool, to help potential residents work out the estimated costs of retirement village living. 

There are two calculators that can be used depending on the resident's situation. Each calculator provides a cost estimate of the entry fees, ongoing fees, and exit fees. Understanding these fees can help residents work out if a particular village is right for them and their budget.

The basic calculator gives a general overview for those in the early stages of considering moving to a retirement village. The detailed calculator provides a more tailored result, and is designed to be used with the new Standard fees and charges table.  From the 1 September 2017, the table forms part of the disclosure statement provided to prospective residents when they show an interest in a retirement village unit. 

We encourage retirement village operators and managers to share this calculator with any potential residents they may deal with. To learn more and to use the calculator visit the Retirement Village Calculator website

 
fairtrading.nsw.gov.au