CHOICE asks “Could the retirement-village sector finally be coming around to giving residents a fair deal”?
You can read the full article HERE
In a major 3,900 word article posted on the consumer advice portal CHOICE, staff writer and ex-ASIC and NSW Consumer Affairs Commission Member Andy Kollmorgan (pictured), reviews the six-month buyback regulations being discussed in New South Wales. He summarises his article this way: On this page:
- Recent reforms to NSW retirement village industry
- Important reform to exit fees still on hold
- Retirement village case studies
- Why the delay?
- How residents lose their nest egg
- Retirement homes a 'terrible investment'
- Industry says the model is working
CHOICE is a respected and significant advice channel for consumers. This report is largely negative on the sector from a financial point of view. That said, the most balanced comment was made by Jim Gibbons, President of the NSW Resident Association:
"It's not a sensible investment," Gibbons says. "We all agree with that. You're paying for a lifestyle. I'm probably going to die before my wife does, and I want her in a good place with good facilities. For me it's a rational decision. I walked into this with eyes wide open."
You can read the full article HERE.
