Older Victorians living in retirement villages will receive new legal protections from 1 May under reforms aimed at improving fairness and transparency across the sector.
Consumer Affairs Minister Nick Staikos announced the first set of regulations this week, outlining changes that will accompany updates to Victoria’s Retirement Villages Act.
“This is the most significant change to the Retirement Villages Act in decades,” Staikos said.
The reforms introduce a standard contract for residents across all retirement villages. They also clarify the process for exit entitlements, requiring operators to return payments within 12 months after a resident leaves a village.
The regulations aim to provide clearer rules for both residents and operators. They set out responsibilities for maintenance and replacement of items within villages and define how normal wear and tear should be assessed.
Requirements for emergency planning and safety inspections will also be strengthened under the new framework.
Staikos said the changes were developed after consultation with residents’ groups and industry organisations.
“We have worked closely with industry to deliver protections that will make life easier, fairer and more affordable for residents,” he said.
Retirement villages house thousands of older Victorians who choose community living with access to shared facilities and services. The sector has faced scrutiny in recent years over complex contracts and the length of time residents wait to receive exit payments after leaving.
The updated rules aim to make agreements clearer and provide greater certainty for residents and operators.
Staikos said the reforms would give residents confidence in the agreements they sign and the processes that follow when they move out.
“Victorians in retirement villages now have peace of mind that their contracts are fair and transparent and can focus on enjoying their retirement.”
More information about the changes is available through Consumer Affairs Victoria.
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