New South Wales Consolidated Regulations

RETIREMENT VILLAGES REGULATION 2017 - REG 11

11 General inquiry document and disclosure statement

(1) For the purposes of section 18(2)(a) and (b) of the Act, a general inquiry document must--

(a) be in the form, and contain the information, set out in Schedule 1, Part 1, and

(b) contain a copy of the village rules, and

(c) contain a copy of the document Moving into a retirement village? prepared by the Department and published on a website of the Department.

(2) For the purposes of section 18(3A)(a) and (b) of the Act, a disclosure statement must--

(a) be in the form, and contain the information, set out in Schedule 1, Part 2, and

(b) contain a copy of the village rules.

(3) A disclosure statement provided to a prospective resident before 1 March 2018 is not required to include the average resident comparison figure.

(4) For the purpose of the form of a disclosure statement,
"average resident comparison figure" means the monthly average of the sum of the following amounts over a period of 84 months--

(a) the total amount of recurrent charges payable under the village contract,

(b) the departure fee payable by the resident if the premises are permanently vacated at the end of that period,

(c) capital gains, if any, payable to the operator by the resident at the end of that period.

(5) The calculation of any amount in the disclosure statement relating to the future value of the property or the entry payment payable by the next resident (however described) is to be determined by varying the outgoing resident's entry payment in accordance with the average annual change in the March quarterly variation for the preceding 10 years, of whichever of the following indices published by the Australian Bureau of Statistics is applicable to the location of the premises--

(a) Median Price of Established House Transfers (unstratified); Sydney index,

(b) Median Price of Established House Transfers (unstratified); Rest of NSW index,

(c) Median Price of Attached Dwelling Transfers (unstratified); Sydney index,

(d) Median Price of Attached Dwelling Transfers (unstratified); Rest of NSW index.