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Retirement village fees and charges calculator project 

NSW Fair Trading is developing an online calculator to help prospective retirement village residents, and their families, better understand the costs of living in a village.

The online calculator will contain a series of questions related to a village contract and apply assumptions to help generate easy-to-understand cost estimates.

Why is an online calculator needed?

It can be confusing and difficult to assess retirement village costs. This is because retirement villages use a wide range of fees and charges, with different timings. Costs may include:

  • one-off fees and charges such as entry, exit and administrative fees
  • regular fees and charges, which may fall due on a different basis (eg. weekly). 

How will the online calculator be developed?

Following a competitive tender process, KPMG was selected by Fair Trading to provide a solution that will make retirement village fees and charges easier to assess and compare. KPMG presented their findings and recommendations to Fair Trading at the end of 2016, and developed calculator algorithms for this purpose.

The Love Agency has been engaged to convert the algorithms into an easy-to-use online calculator.

Amendments to the Retirement Villages Regulation will help consumers use the online calculator. This includes the addition of a standard table of fees and charges to the end of the Disclosure Statement. For more information and to make a submission on the draft Retirement Villages Regulation 2017, visit the Retirement Villages Regulation 2017 page.

Next steps

It is anticipated that the Retirement Villages online calculator will be available later this year.