The survey of 4,115 retirement village residents found 84% of residents are satisfied with village life, valuing security, social connections, and lower home maintenance.
However, many residents struggle with contract complexities, exit fees, and financial transparency, with 63% unclear about how their exit fees are calculated.
“There were also notable differences in resident experiences across states. Residents in NSW and Victoria, where consumer protections have been strengthened in recent years, reported higher levels of understanding regarding their financial obligations,” states the report.
“In contrast, residents in South Australia and Western Australia expressed more concerns about contract clarity and financial transparency, though recent legislative changes in these states are expected to improve protections.
“Long-term residents, particularly those who have lived in a village for more than 11 years, were more likely to express dissatisfaction with financial aspects of their contracts, highlighting the need for operators to proactively engage with this group to provide support and greater clarity.
“Reforms in several states have introduced clearer Disclosure Statements, more standardised contract terms, and stronger consumer protections. These changes are contributing to a more transparent and equitable retirement village industry.
“Continued efforts by policymakers, advocacy groups, and village operators will further enhance these improvements, ensuring that all residents benefit from clearer financial structures and fairer contractual terms.”
The RVRA said operators can enhance contract clarity by providing plain-language summaries and financial literacy workshops, while policymakers should continue
strengthening consumer protections and enforcing uniform disclosure standards
across all states.
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