It can be overwhelming to assess retirement village costs due to a wide range of fees and charges that are often incurred at different times, so NSW Fair Trading has launched an online calculator to simplify the process.
RETIREMENT village residents will be better protected and have greater transparency when considering potential contracts after NSW Fair Trading launched a new online calculator.
Minister for Better Regulation, Matt Kean, said the online resource would empower residents by giving them a better understanding of the estimated costs of living in a retirement village.
"It can be overwhelming to assess retirement village costs due to a wide range of fees and charges that are often incurred at different times," he said.
"This tool puts consumers first by prompting prospective residents through a series of simple questions, which then generates easy-to-understand cost estimates."
Mr Kean says there is both a basic and detailed calculator for people to utilise, depending on their circumstances.
"The basic calculator is geared toward those considering retirement village living but don't have much information so it simply provides an estimated cost based on your location and budget," he said.
"Whereas the detailed calculator is for people who've got a village Disclosure Statement so it gives residents a more comprehensive outline of the entry, ongoing, and exit costs."
Recent amendments to the Retirement Villages Regulation 2009, also support the calculator through changes to Disclosure Statement requirements.
"The Retirement Village Regulation 2017 is now in force, which includes a new standard table of fees and charges attached to the Disclosure Statement of any given village," Mr Kean said.
"This supports the online calculator allowing residents to easily compare village prices, and ultimately ensure they're not getting ripped off by unscrupulous operators."
Learn more about the calculator here: rvcalculator.fairtrading.nsw.gov.au.