Retirement village contract terminology is our downfall, says LASA
Leading Age Services Australia (LASA) is lobbying state governments reviewing their retirement village acts to use standardised terms to help prospective residents understand their contracts.
‘Hallelujah’ I hear you cry!
LASA’s Principal Living & Seniors Housing, Paul Murphy, says the current contract terminology is harming retirement villages and surely he has a valid point.
“Terms such as ‘ingoing contribution’, ‘exit entitlement’, ‘premium’ and ‘deferred management fee’ are not terms that clearly articulate their intent,” he said.
“The Deferred Management Fee is also foreign to prospective residents. It is not really a fee. It is the lease payment for tenure in the village.”
He published a graphic (pictured above) which seeks to standardise the contract terminology across the nation.
Would you prefer talking to prospective residents about a “bond”, “bond refund” or “lease payment”?
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