With the Retirement Villages Amendment Bill making its way through the Victorian Parliament, Residents of Retirement Villages Victoria President Helen Betros, pictured at the DCM Institute's VILLAGE SUMMIT in November last year, has spoken about the proposed changes.
The amendments include changes to the Deferred Management Fee (DMF) and a requirement for exiting residents to make good any property condition that exceeds fair wear and tear.
"It is disappointing that the vast majority of existing retirement village residents will not get the benefit of the changes to the DMF and property reinstatement," Helen told AAP.
"It also begs the question - if there is a perceived need to alter the provisions relating to the DMF and "reinstatement", why would you apply this to only one class of resident?"
The Victorian Minister for Consumer Affairs Gabrielle Williams, who said the amendments give residents in retirement villages some of the strongest protections in Australia, also stated that a mandatory Retirement Villages Code of Practice will be developed this year in consultation with the community and retirement village sector.
The changes come on the back of a wave of legislative updates for the State-based Retirement Village Acts.
South Australia and Western Australia passed changes to their respective laws in November last year. NSW is currently reviewing its retirement village regulations with a report due in 2025. Its laws were last updated in 2021. Changes to Queensland's Retirement Villages Act are also underway. Tasmania passed its Retirement Villages Amendment Act 2023 in November of that year.
