Under the government's long-awaited changes to the retirement villages legislation, residents and their families will be paid interest after six months of leaving a unit and will have to be fully repaid after 12 months. Associate Housing Minister Tama Potaka has just announced the changes, saying the moves will give residents and their whānau greater confidence and strengthen protections for them. Among the changes are the stopping of weekly fees and deductions immediately when a resident leaves a unit and a process for former residents to apply for early access to funds in specific situations. The Retirement Village Association has criticised the proposals as a double financial hit on operators, saying they will have a chilling effect on the development of more units. Brian Peat is the spokesperson for the Retirement Village Residents Association.
RV Residents president Brian Peat at the rally. Photo: RNZ / Samuel Rillstone
