NSW Government announces retirement village buy back reforms

Seeking advice and clearly understanding the facts prior to downsizing, entering into retirement villages, or when considering residential aged care facilities is critical in order to make an informed decision prior to committing.

Reforms to retirement villages in NSW announced

Mark Skelsey, News Editor at Downsizing.com.au, has written a great article that outlines issues that have previously burnt many individuals and their families in the past. Because of these issues, the NSW Government has backed reforms requiring retirement villages to enact the sale or buyback of units within six months (metro) or 12 months (regional) and to cease charging the general services 45 days after departure.

What this means for retirement village residents

These reforms are great news for residents of retirement village units and their families. They will help alleviate the anxiety that can come with making difficult decisions about residential care, and increase confidence knowing if there are changes in their circumstances and they do exit the unit, they are protected by the new buyback reforms.

To read the full article head here.

We’re here to help you make informed decisions for yourself or your loved ones

Moving into residential care can be stressful, confusing and overwhelming. For more information on how we can help guide you through the process, please contact our Rethink Aged Care team here or on 02 4962 4440. We’re a team of trusted, highly-skilled financial advisers based in Newcastle and would love to see how we can help.

Aged Care information sessions

We hold a number of small group information sessions throughout the year to support carers facing the increasing Aged Care needs of a family member or loved one. These loved ones are commonly moving into the phase of life where they need strategic advice before they start looking to sell assets, or deciding on a facility or home care option.

Even if you have already taken steps towards one of these options, there is great value in attending one of our Aged Care information sessions to better understand how your plans will fully impact your family members or loved ones. To find out more head here or get in touch with our Rethink Aged Care team here.

Please note we do not have any affiliation with this provider’s website, it is not advice-based but is a fantastic resource for those looking to downsize their property and looking into retirement village units.

Any information provided on this website is general advice only and does not take account of investors’ objectives, financial situation or needs. Before acting on this general advice, investors should therefore consider the appropriateness of the advice having regard to their objectives, financial situation or needs.