Retirement Village Operator Abolishes Hated Fee

Retirement Village Operator Abolishes Hated Fee

In a move that may have an impact on Australian retirement village operators NZ operator Metlifecare has abolished weekly fees on empty retirement-village units in their large national chain of retirement villages, leaving many elderly people and their estates potentially much wealthier.

NZ Herald reports - Metlifecare abolishes weekly fees on empty village places.

"Weekly fees have been abolished on empty retirement-village units in a big national chain, leaving many elderly people and their estates potentially much wealthier.

A lobby group representing inhabitants has welcomed the move, saying other villages should fall in line.

The 24-village Metlifecare wrote to residents last month saying fees would end once they left their places, whereas previously residents were liable for up to half a year's fees.

Asked why the company had changed its policy, Sowry told the Herald: "We have reviewed all aspects of our commercial offering and formed the view that this change was appropriate to ensure competitiveness and value to prospective residents. We have also implemented a new offer which is an industry first whereby on all new Occupation Right Agreement's entered into post February 26, residents or their families will be able to access $20,000 of their capital sum on vacation of their unit.

Colin Porter, a member of the executive of Retirement Villages Residents Association and chairman of the Auckland region, welcomed the change.

"Under the code, they can carry on for six months, then be reduced by 50 per cent. That's part of the code. We don't think it's fair. We applaud Metlifecare for the change its made," Porter said."

Retirement Village Operator Abolishes Hated Fee

Read the full story here :- Metlifecare abolishes weekly fees on empty places

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