The revised Retirement Villages Act

The revised Retirement Villages Act was tabled in Parliament on Wednesday 27 November 2024. Residents of Retirement Villages Victoria (RRVV) has not yet had the opportunity to review the new legislation in any detail but expects to be able to do so in the next day or so and will release a more detailed response at that time. Based on the Stakeholder Briefing we received earlier in November, we consider provisions relating to a mandatory code of practice, model contracts, changes for prospective residents to Deferred Management Fees (DMF) and other exits costs, and village registration and oversight, to be moves in the right direction. However, without seeing the detail, we remain concerned with provisions relating to increases in service fees, contract terminations, dispute resolution and the application of exit cost changes to existing residents. We believe it is essential that beneficial changes apply to all residents, including current ones, both now and in the future.

RRVV will continue to work with the Department of Government Services and other key stakeholders to get the best possible deal for residents of retirement villages in Victoria.