Consumer Affairs Victoria have released the latest amended Disclosure Statements and Factsheets which can be obtained from the Consumer Affairs Victoria website.

In summary providers will need to:

  • provide an information factsheet (in the approved form) to prospective residents enquiring about the village, to help them compare villages
  • allow prospective residents to inspect particular documents held by the operator including, for example, the site plan of the village
  • provide an expanded pre-contract disclosure statement (in the approved form) to those intending to sign a contract, to help them understand the costs of moving into, living in, and leaving their unit
  • use standard content and layout in retirement village contracts to make them easier to understand and compare. Content will have to include a basic set of mandatory rights and responsibilities of residents, managers and owners

The Disclosure Regulations and Contract Regulations come into effect on 1 July 2014.  This means operators must revise their residence contracts and prepare the necessary new disclosure material before this date so these documents are ready for use from 1 July 2014.