The information statement is the standard document that every retirement village operator must publish about their village.
It covers the costs of entering, living in and leaving the village, the contracts required, the services provided, and the insurance arrangements in place.
Operators must use the form approved by the Director of Consumer Affairs Victoria, and must answer all questions. The approved form is available here: .
Because all operators use the same form, the information statement allows direct comparison between villages on the same terms.
Where to find the information statement
The operator must publish the signed information statement on the operator's own website.
Operators must also provide the information statement to the prospective resident with any targeted promotional material sent directly to them, at least 21 days before entering a contract and/or on request. This must be provided free of charge.
Targeted promotional material is defined in the Act as material addressed personally to a prospective resident or their representative to promote the village as a place to live, not including marketing material distributed generally to the public.
What the information statement covers
The statement must address all of the following areas. All of these are detailed in the approved form.
The operator must update the statement at least every 12 months, and also as soon as possible after any change to a material fact or particular.
Village and operator details
- the name and address of the village, the proprietor and the operator
- contact details and the location and hours of any on-site representative
- details of any owners corporation.
Financial and contractual information
- the type of contract and right to occupy, including all options available
- all fees and charges on entry, during residency and on exit
- how the exit entitlement is calculated and when it is payable.
Village information
- services and amenities included, and any optional services with their costs
- security and emergency systems installed in the village
- the number and types of premises, and any planning permits for future developments
- whether the village has an attached aged care facility (and if so, that entry requires aged care assessment and places cannot be reserved for village residents)
- whether a residents committee is established
- whether the village is accredited by a recognised industry organisation.
Insurance
- details of every insurance policy held by the operator or proprietor for the village, including what is covered, the insurer, exclusions, the amount insured, and copies of certificates
- any self-insurance funds held and the risks they cover
- any insurance policies it is recommended that residents arrange for themselves.
What the information statement means for contracts
Any fee, cost or charge not disclosed in the information statement cannot be included in a contract. If a contract requires payment of something not in the information statement provided to a resident before they enter into a contract, that contract term is void.