29 January 2023
The NSW Government has introduced a public register for retirement villages to make it easier for retirees to choose a place to live in retirement.
The public register is part of the NSW Government's reforms to the retirement villages sector to provide greater protections for consumers and improve transparency and accountability from the retirement village industry.
It includes information about the village such as residency types, entry price and ongoing costs to bring greater transparency and empower consumers to make informed decisions.
Having this information publicly available and easily accessible online, gives existing and future residents more certainty on the costs of living in a retirement village.
The public register is the latest reform to retirement villages coming out of the 2017 inquiry into the sector that was led by Kathryn Greiner.
Previous changes included improved access to exit entitlements, making the transition to aged care easier, capping the period of time residents paid recurrent charges for general services and requiring operators to maintain and publish an asset management plan for each retirement village they manage.
For more information on the retirement village sector please visit the NSW Fair Trading website https://www.fairtrading.nsw.gov.au/help-centre/online-tools/accommodation-registers
Quotes to be attributed to NSW Fair Trading Commissioner, Natasha Mann
“Choosing a retirement village can be a stressful time for both the retiree and the family, and this register helps answer some key questions about the financial position of the village in an accessible way.
“As more consumers use this public register for open discussions with villages, the providers will also see the benefits of ensuring their information is up to date.
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