Now called the Six Month Rule by the Property Council, from July 1 2014 village operators face the challenge of residents moving into high care facilities potentially requiring a bond (now known as a RAD - or a Daily Accommodation Payment). It will have to be paid within six months of entry to the care facility. This presents a major financial challenge to operators give the village unit has not sold and settled. (The standard transaction cycle for a fast sale on settlement is four months).
On behalf of member village operators, the Property Council has commissioned consultants Grant Thornton consultants to assess the short and long term financial implications of this change and possible alternatives. For more information members should contact Daniella Stutt, Policy Advisor on 03 9650 8300 or dstutt@propertyoz.com.au.
Retirement living for the “well-heeled”: Residents begin to move into Retirement by Moran’s second venture: Sage in Cronulla
Shane Moran, the Founder and Chief Executive of Retirement by Moran, concedes admission to his residences is “not inexpensive”. Sage is an eight-storey development of 37 two- and three-bedroom apartments. The art-deco- meets-coastal-chic...