Additional assistance for retirement villages welcomed

The Property Council today welcomed the launch of the new NSW Fair Trading online calculator to determine the value offering of retirement village fee structures.

The calculator acts as an additional tool to help provide peace of mind for those older Australians thinking about making the move into a retirement village. The Property Council has worked closely with Fair Trading on its design and deployment.

“Any tool that helps people make the best decision for their particular circumstances is one that should be welcomed and aligns well with steps the industry has already taken to make things simpler for those considering making the move into a retirement village,” Property Council NSW Executive Director Jane Fitzgerald said today.

“It is important that the community has the right information at their fingertips when making any decision that involves a commitment about their long-term future and the calculator supports the key changes to standard disclosure provisions for village fee structures.

“The Property Council recently released an eight-point plan for Australia’s retirement villages to deliver higher standards and clearer information about costs and contracts and this initiative from the NSW Government is entirely consistent with the plan.

“And at the Property Council’s annual Retirement Forum held at Olympic Park today, industry representatives, residents and regulators are hearing from a range of speakers about legislative changes, how to serve residents better and also from the Acting Fair Trade Commissioner Andrew Gavrielatos about the upcoming retirement forums being held by Fair Trading.

“The Property Council looks forward to working with Fair Trading and Retirement Living Inquiry Chairperson Kathryn Greiner AO over the months ahead to help secure the industry’s future and provide even better retirement living communities.”