- Work underway to prepare for new retirement village reforms
- Former residents to receive exit entitlements within 12 months from next December
- Have your say on proposed regulations covering capital items and modifications
Faster exit entitlement payments for former residents of retirement villages are less than 12 months away from taking effect, on the back of new reforms passing State Parliament last month.
From 1 December 2025, retirement village operators will be required to pay exit entitlements to holders of a lease-for-life, and complete compulsory buybacks of strata-titled properties, within 12 months of a resident's departure.
While awaiting their exit entitlement payments, former residents will be able to request financial help from village operators to cover their aged-care costs.
Where necessary, operators will be able to seek extensions for exit entitlement and buyback obligations from the Commissioner for Consumer Protection. In cases of compulsory buybacks, the Duties Act 2008 will be amended to exempt operators from paying transfer duty.
Work has begun on regulations to support the reforms and feedback is now being sought by residents on proposed rules for capital items, modifications and termination of retirement village schemes.
A short survey is available online
