New South Wales Consolidated Regulations

RETIREMENT VILLAGES REGULATION 2017 - REG 24

24 Notice of variation--no fixed formula and greater than CPI

For the purposes of section 106 (2) (e) of the Act, a notice of variation of recurrent charges given under section 106 of the Act must include the following statement as the first line of the notice--

This is a notice of a variation of recurrent charges (otherwise than in accordance with a fixed formula). The increase in recurrent charges does not take effect until at least 60 days after the date of this notice. The increase in those charges exceeds the increase in the Consumer Price Index (
"CPI" ) since those charges were last increased and requires the consent of the residents affected by the variation or an order of the Tribunal to take effect.

For more information about your rights and responsibilities under the retirement village laws contact NSW Fair Trading by visiting www.fairtrading.nsw.gov.au or calling 13 32 20.