Intergenerational Capital Wealth Lost

Retirees don't deserve the financial disaster that comes from downsizing from the family home into a retirement village. @SffpVictoria @ademsomyurek @_davidlimbrick @georgievpurcell @rachelpaynemp @dettershankMP @BradBattinMP @DavidDavisMLC @NStaikos #springst @AivGoesGreen pic.twitter.com/zSxfvEk82u

— Les Scobie (@retvilldotnet) February 4, 2025

Transfer of Capital Wealth

Retirement village analysis shows the dominant financial model for retirement villages the loan lease model is causing a demonstrative transfer of capital from residents and their families to operator corporations. https://t.co/4zW6TvuCXF @MichaelWestBiz @consumervic #springst

— Les Scobie (@retvilldotnet) February 3, 2025

Retirement Village Residents Get Trampled

@VictorianLabor has trampled some 36,000 retirees in retirement villages by making them wait 12 months to get their money back on leaving a village. Insulting them by saying probate takes longer than six months. @NStaikos @JaclynSymes @TimMcCurdyMP @consumervic @abc730 #SpringSt pic.twitter.com/GtDQ1xOOPF

— Les Scobie (@retvilldotnet) February 2, 2025

Retirement Villages a purchase price without ownership

 VOTE NO to the new Retirement Villages Act.

The new act perpetuates the retiree rip-off by charging a 'purchase price without property ownership' to obtain entry. 

The village owner/operator is authorised by the act to transfer all the costs of property ownership to the retiree whilst retaining all the benefits for themselves.

The business model inherent within the act hides what is simply residential tenancy by any other name but a demonstrably higher price.

Retirement Villages What is Wrong

 What is wrong with Victorian loan/lease retirement villages? 

1. Property Ownership is never granted.
2. You paid for it but you don't get to own it. 
3. You only 'rent' it. 
4. This through deceptive names like 'entry payment' and 'deferred management fee' that obscure the true $ cost.
5. You pay for management of the property even though you don't own it.
6. You pay for upkeep of the property even though you don't own it.
7. At the end of your occupancy you can even pay to renovate the property you never owned.

Deferred Management Fee Nonsense

The Jacinta Allan Government new definition of the 'Deferred Management Fee' as a fee for 'services' has ZERO functionality. 

This change is from the new proposed Victorian Retirement Villages Act.

ZERO functionality comes from the fact that village residents already pay 100% of the cost of 100% of the management services that Victorian retirement village operators claim and charge for as necessary to successfully operate the village.

Under Australian consumer law an operator cannot charge for ‘services’ where 1. there is no intent to supply or 2. no supply has in fact been made.

Competition & Consumer Act 2010
Chapter 3. 3-1 Unfair practices. Division 1. 36 - Wrongly Accepting Payment.

36-1 A person must not, in trade or commerce, accept payment or other consideration for goods or services if, at the time of the acceptance, the person intends not to supply the goods or services.

36-4 A person who, in trade or commerce, accepts payment or other consideration for goods or services must supply all the goods or services:

WHAT ARE THE NEW FEES?

HOW CAN THEY BE SUBSTANTIATED?

Retirement Villages - What is wrong?

What is wrong with retirement villages. 

Contemplating moving into a retirement village, these people have an insight and they don't have a conflict of interest.