Russell Kennedy’s advice to Victorian retirement village operators
As The Weekly SOURCE reported on 5 March, Consumer Affairs Victoria has published advance copies of documentation totalling around 200 pages for the state’s new retirement living laws.
In response, law firm Russell Kennedy has released its own advice: New Proposed Retirement Village Regulations Released | What You Need to Know.
The advice on the Victorian Retirement Villages Act and Regulations, which come into being on 1 May 2026, is to:
- Review the proposed RV Regulations and form requirements.
- Provide feedback on the draft Information Statement to cavengagement@dgs.vic.gov.au by 20 March 2026.
- Commence collating information required for the Information Statement.
- Review your current financial models offered to residents.
- Arrange for a capital maintenance plan to be prepared for items of capital in the village.
- Consider how capital maintenance/repair and replacement will be funded.
“The RV Act and new RV Regulations introduce significant changes to contract forms, financial matters, disclosure requirements and dispute resolution procedures,” said Russell Kennedy’s retirement team Donna Rayner, Kathryn Elleman and Jessica Kinnear.
The new regulatons demand a new form of resident contract and management contract. Both forms contain mandatory content and must also include extensive prescribed terms.
“There is a short grace period from 1 May 2026 to 31 August 2026, during which operators may still use the current prescribed forms of contract set out in the Retirement Villages (Contractual Arrangements Regulations 2017 provided those contracts include additional required provisions and exclude prohibited terms as set out in the RV Amendment Act and the new Regulations,” said Russell Kennedy.
