Under Victorian law residents who bought in to a village before August 2006 and had a deferred payment contract could have to wait up to 8 years for a payout of the sale vale value of their ILU. The result is some residents and their families having to wait that time for $100,000 and more. Stockland has announced that people who leave their villages after 1 May this year will no longer have to endure the 8 year clause, which it inherited when it bought the ARC group. Those people who are already caught in the system however appear to have to continue the wait.
Opinion
RIP: We are seeing the death of the family-run aged care operator
It feels like I am writing an obituary to family-run aged care facilities. Once the backbone of the sector, multi-generation operators are now selling out at a pace not seen before. The sell-off is accelerating, with three landmark deals in just two...
