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Our Response To The Recommendations (PDF, 589.84 KB).pdf

retirement-villages-exit-payment-review-response.pdf
Preview of our response to the recommendations (PDF, 589.84 KB)
🔗 Source: hpw.qld.gov.au
📊 Size: 589 KB
👤 Author: Jessica Fazakarley
⬇️ Downloads: 79

Summary

The Queensland Government is committed to a fair residential sector, and as part of the Queensland Housing Strategy 2017-2020, the Retirement Villages Act 1999 was amended to provide greater security for residents. An independent review was conducted to determine the impact of the 18-month timeframe for exit payments on residents and scheme operators. The review panel made four recommendations:

1. Payment of exit entitlements within 12 months from the date of vacant possession.
2. Scheme operators can apply for a 6-month extension for payment of exit entitlements due to market conditions.
3. Creation of a simple decision-making mechanism for applications for extension of time.
4. Exemption of resident-operated retirement villages from the mandatory buyback requirement under certain criteria.

The Queensland Government supports Recommendations 1 and 2, subject to consultation, and has already implemented Recommendation 4. The Government also acknowledges three additional recommendations regarding ongoing service fees, the Aged Care Rule, and seeks stakeholder feedback for further consideration.

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Description

The Queensland Government is committed to a fair residential sector, and as part of the Queensland Housing Strategy 2017-2020, the Retirement Villages Act 1999...

Technical Information

  • File Format: PDF
  • File Size: 589 KB
  • Pages: 4
  • Language: EN
  • Author: Jessica Fazakarley
  • Total Downloads: 79
  • Last Updated: 3 weeks ago

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