QLD Government settles on 18 months mandated buybacks for retirement villages

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Queenslanders who “terminate their right” to reside in a retirement village will be paid for their homes after 18 months – even if it’s not yet sold – under new laws introduced by the State Government.

This compares with the new NSW’s buyback period of six months (metropolitan areas) and 12 months (regional areas).

As part of the new consumer protections, QLD retirement village operators facing ‘undue financial hardship’ will also be able to seek an extension of time from the Queensland Civil and Administrative Tribunal (QCAT) – which will then decide if an extension would be fair to the former resident.

The changes have been finalised under The Health and Other Legislation Amendments Bill.

“Our seniors and retirees have given so much to Queensland over their working lives – it’s only fair and proper that they should be able to retire with peace of mind and security”, said Minister for Housing and Public Works, Mick de Brenni.