Emil Ford Lawyers successfully challenges a Retirement Village overcharging for loan contracts
The Retirement Villages Act
says that a retirement village contract must be in a standard form. It also imposes a cap of $200 on the amount that a retirement village operator can ask the incoming resident to contribute to the operator’s costs of preparation of the retirement village contract. Many villages have been preparing a separate "loan contract" and charging extra for it - well over the $200 cap.
Emil Ford Lawyers successfully ran a case for a resident in the New South Wales Civil and Administrative Tribunal where the tribunal held that the retirement village operator could not charge for a separate loan contract. The village operator appealed that decision, and the original decision in favour of the resident was found to be correct on appeal.
We expect that this decision will have significant benefit to residents entering retirement villages.
to ask a question about your retirement village contract.
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580 George Street
Sydney NSW 2000
Phone: +61 2 9267 9800
Fax: +61 2 9283 2553