Faster exit entitlement payments for former residents of retirement villages are now less than 12 months away from taking effect, on the back of new reforms passing State Parliament.
From 1 December 2025, retirement village operators will be required to pay exit entitlements to holders of a lease-for-life, and complete compulsory buybacks of strata-titled properties, within 12 months of a resident’s departure.
While awaiting their exit entitlement payments, former residents will be able to request financial help from village operators to cover their aged-care costs.
“I’m pleased to announce that work has begun on implementing the new retirement village laws,” said Commerce Minister, Sue Ellery.
“This time next year, former residents will have more certainty over their finances, knowing when they will receive their exit entitlements to assist with their ongoing aged-care journey.
“I encourage all stakeholders, including residents, their families and operators, to have their say on proposed regulations that will impact the future of retirement villages in WA.”
Where necessary, operators will be able to seek extensions for exit entitlement and buyback obligations from the Commissioner for Consumer Protection. In cases of compulsory buybacks, the Duties Act 2008 will be amended to exempt operators from paying transfer duty, the Government said in a statement.
Work has begun on regulations to support the reforms and feedback is now being sought by residents on proposed rules for capital items, modifications and termination of retirement village schemes.
A short survey is available online, or a copy of the consultation paper can be requested by emailing: consultation@demirs.wa.gov.au.
More information on the reforms, which cover every stage of the retirement village journey, is available on the Consumer Protection website:Â https://www.consumerprotection.wa.gov.au/retirement-village-law-reforms.
