Retirement Villages Act 2016

The operator of a retirement village must ensure that each disclosure statement is in writing, complies with the requirements prescribed by the regulations (if any) and includes—

information about the financial arrangements relating to residents of the retirement village including—

information about—

all fees and charges that the person would be responsible for under the residence contract (whether as an ingoing contribution, as a recurrent or other fee or charge payable by a resident or as an exit fee) including a description of each fee or charge and the amount of the fee or charge or manner in which the fee or charge will be calculated; and

what the operator does with the fees and charges; and

any utilities, services or facilities provided or available to residents of the village (such as electricity, telephone or Internet provided by a third party) that the operator has an interest in or would obtain any fee or reward in relation to; and

the manner in which the resident's exit entitlement will be calculated and the effect of section 30; and

the insurance arrangements that are in place in relation to the village;

a statement of—

estimated exit entitlements and exit fees payable under the residence contract in the event that the right to occupation of the residence under the contract is terminated at 2 years, 5 years and 10 years after the contract is entered into; and

the manner of calculation of the estimated entitlements and fees referred to in subsubparagraph (A) and any inbuilt assumptions used in such a calculation; and

when an exit entitlement is payable; and

a statement advising that a resident may be required to pay a fee, charge or other amount to the operator to enable the operator to recover an unforeseen expense of the retirement village (a special levy);

information about—

the number of persons residing at the retirement village, and the percentages of residents—

occupying a residence pursuant to a lease or licence; and

occupying a residence pursuant to a right to occupation conferred by ownership of shares; and

occupying a residence that they have purchased; and

occupying land within the village pursuant to a lease or licence under section 57;

any limitation or requirement that applies, or is known to apply at a future time, in relation to a resident's choice of provider for utilities, services and facilities that are provided or available to residents of the village (such as electricity, telephone or Internet services); and

any special levy in place and payable by residents of the retirement village, including the purpose of the special levy, the amount and frequency of payments and the proposed date of final payment; and

any major capital item expenditure project in place or planned for the next 2 years, including the cost of the project and how it will be funded; and

a statement advising that—

the disclosure statement is not a replacement for the residence contract but is intended only as a summary of certain information contained in the contract; and

the prospective resident must ensure that they understand the terms of the residence contract; and

the estimated exit entitlements and exit fees included under paragraph (a)(ii) are estimates only and are subject to change depending on circumstances prevailing at the relevant time in the future, such as the amount of a new ingoing contribution; and

it is recommended that the prospective resident seeks legal and financial advice about the residence contract; and

any other information or statement prescribed by the regulations.

For the purposes of subsection (1)(a)(ii), estimates of exit entitlements and exit fees, including the manner of calculation of the entitlements and fees and any inbuilt assumptions used in such a calculation, must be reasonable in the circumstances.

Information provided by an operator under subsection (1)(b) must be as up to date as reasonably practicable, but in any event accurate as at 1 July of the financial year within which the information is provided to a prospective resident.