Queensland State Parliament has passed new laws to simplify retirement village contracts and “increase transparency in the relationships between retirement village operators and the residents”, according to Housing Minister Mick de Brenni.
Amongst the changes there will be a two-stage, 21-day contract process, transparency around fees, more frequent valuations on unsold units, and a requirement that entitlements be paid out within 18 months of leaving.
The Bill was passed with bipartisan support on Wednesday night.
“Given our rapidly ageing population and increasing need to provide more aged care and nursing home facilities, these issues need close attention to ensure regulations are working so that elderly and vulnerable Queensland and their families are not being ripped off by unscrupulous operators,”Opposition housing and public works spokesman Stephen Bennett said.
“While residents might say we haven’t gone far enough, and operators might say we have gone too far – I believe we’ve found a good balance that protects our most vulnerable and elderly Queenslanders and still supports a healthy retirement environment.
“These sensible reforms will go a long way towards a fix.”