ONLINE CALCULATOR LAUNCHED FOR MORE TRANSPARENT RETIREMENT VILLAGE CONTRACTS

Member for Tweed, Geoff Provest, has welcomed a new, online resource to help people who are considering moving into a retirement village.

“It can be overwhelming to assess retirement village costs due to a wide range of fees and charges that are often incurred at different times,” he said.

“This new website puts consumers first by prompting prospective residents through a series of simple questions and then generates easy-to-understand cost estimates.

Mr Provest advised there is both a basic and a detailed calculator for people to utilise, depending on their circumstances.

“The basic calculator is geared toward those considering retirement village living but don’t have much information so it simply provides an estimated cost based on your location and budget,” he said.

“The detailed calculator is for people who’ve got a village Disclosure Statement so it gives residents a more comprehensive outline of the entry, ongoing, and exit costs.”

The Minister for Innovation and Better Regulation, Matt Kean, said recent amendments to the Retirement Villages Regulation 2009 also support the calculator through changes to Disclosure Statement requirements.

“The Retirement Village Regulation 2017 is now in force, which includes a new standard table of fees and charges attached to the Disclosure Statement of any given village,” Mr Kean said.

“This supports the online calculator allowing residents to easily compare village prices, and ultimately ensure they’re not getting ripped off by unscrupulous operators.”

Minister for Ageing Tanya Davies said the online calculator is also a key project of the NSW Government’s Ageing Strategy 2016-2020.

“I am very pleased to see the calculator now working to protect residents from confusing contracts, hidden fees, and unexpected costs,” Mrs Davies said.

“By putting the right protections in place we are safeguarding the financial and physical independence of older people in our communities.”

Learn more about the calculator here: www.rvcalculator.fairtrading.nsw.gov.au.