Prospective residents of retirement villages will be able to calculate the estimated costs of moving into a village before signing a contract, with the launch of a new online calculator by NSW Fair Trading on Tuesday.
The tool is among a raft of reforms announced for the sector after a joint investigation by Fairfax Media and ABC's Four Corners uncovered questionable practices by one of the biggest listed and most profitable retirement village operators, Aveo.
The investigation revealed business practices including gouging; a business model that profits from churning residents, safety issues, misleading marketing and advertising and confusing contracts, which often presented unexpected costs.
Minister for Better Regulation Matt Kean said the online calculator would allow residents to "compare village prices and ultimately ensure they're not getting ripped off by unscrupulous operators".
The full article by Lucy Cormack can be found on The Sydney Morning Herald.
