The package includes a four-point plan that will put consumers first and protect residents from potentially dodgy practices.
The package also includes:
- an overhaul of the Retirement Villages Regulation 2009, including requiring greater transparency around fees and charges in contracts
- an online calculator to help prospective residents and their families better understand the estimated costs of living in a retirement village
- a compliance blitz targeting NSW retirement villages.
An inquiry will also be launched to make sure residents have the protections they deserve and that NSW Fair Trading has the necessary powers to ensure retirement village operators are complying with the law.
Minister for Ageing Tanya Davies said she wanted residents to live fulfilling, independent lives in their chosen retirement village.
"While retirement villages offer a great living option for many seniors, we need to ensure the laws in place appropriately protect their financial and physical independence."