OCA - Oceania Group - retirement villages

[SailorRob]

Jeez Rob you a real guru with an army of followers and a market mover ……you say MEE cheap and it shoots to top of leader board …up 17% today

There are certainly a few.

[SailorRob]

This is a truly hilarious statement.

IYKYK. I'll leave it at that.

Can you explain what you find amusing about it for me.

Jigger, it ain't what you don't know that will hurt you. It's what you know for sure that just ain't so.

I am vastly clueless about a lot of stuff, I know it and I want to learn so I'm less clueless. This is a good thing sport.

This is the strategy that VNZ is employing at the age of 17 which will see them become extremely successful.

But you don't even understand it.

[Baa_Baa]

ALL of you are WRONG.

but some of you are wronger than others.

Well that's not very helpful, that everyone arguing either side is wrong, or wronger. Ok, maybe this is one of those rare opportunities for you to summon your inner Paper Tiger who used to expertly deconstruct financial arguments and present a fait a compli?

[Habits]

As long as you're doing trump nicknames, what's yours SailorSam

[Poet]

Govt unveils proposed changes to Retirement Villages Act

The government has released a consultation document with proposed changes to the Retirement Villages Act.
It follows a review of the law which was prompted by lobbying from consumer groups and the Retirement Commissioner, the latter of which has argued the current model does not work well for residents.
The proposed changes include stopping fees being charged to residents after a unit has been vacated, replacing the current dispute resolution scheme, requiring operators to cover the costs of maintaining operator-owned chattels/fixtures, and requiring villages to repay outgoing residents’ capital to them within 12 months.
“The proposed changes strike a balance between fairness for consumers and making sure the sector is supported to meet future population demand,” Associate Minister of Housing Barbara Edmonds said.
The consultation period opens today and closes on November 20.

Not a disaster

[Baa_Baa]

https://www.hud.govt.nz/assets/Uploa...cument-7_3.pdf

Review of the Retirement Villages Act 2003: Options for change
Discussion paper
August 2023

[ValueNZ]

https://www.hud.govt.nz/assets/Uploa...cument-7_3.pdf

Review of the Retirement Villages Act 2003: Options for change
Discussion paper
August 2023

"91. It is not clear whether the remedies under the Fair Trading Act 1986 in respect of ‘unfair contract terms’ are sufficient for retirement village ORAs. Accordingly, we are seeking feedback on whether a specific power to declare a term unfair should be included in the Act or regulations. This power could be held by the Court or a regulatory body with relevant expertise, such as the improved dispute scheme (discussed in Part C). A term could be considered unfair where it:

a. causes a significant imbalance in the parties’ rights and obligations under an ORA
b. is not reasonably necessary to protect the legitimate interests of the party that would be favoured by the term
c. would cause detriment to a party if it were applied.

92. Terms declared unfair would be void and unenforceable. This power would be over and above any remedies in the Fair Trading Act 1986"


Does anyone on here know which terms in an ORA could be deemed unfair?

[Bjauck]

https://www.hud.govt.nz/assets/Uploa...cument-7_3.pdf

Review of the Retirement Villages Act 2003: Options for change
Discussion paper
August 2023

I have skimmed through the document but could not see if the review recommended that any changes would be applied retrospectively to existing occupation ORA contracts. I think the Residents Association President was seeking retrospective change.

[bottomfeeder]

Bit worried about the costs of maintaining operator owned fixtures and fittings. If villages have to pay for refurbishment costs, of fixtures and fittings, the costs of maintenance, charged to residents would have to increase. After all chattels depreciate in real terms and have a limited life. If villages have to cover these costs, they have to charge a rental cost as a reimbursement. Or have I got that wrong.

[Baa_Baa]

Bit worried about the costs of maintaining operator owned fixtures and fittings. If villages have to pay for refurbishment costs, of fixtures and fittings, the costs of maintenance, charged to residents would have to increase. After all chattels depreciate in real terms and have a limited life. If villages have to cover these costs, they have to charge a rental cost as a reimbursement. Or have I got that wrong.

No I don't think you've got that wrong, I would expect that if this became part of the contract, the operator would amortise the estimated total costs of maintenance and replacements across all dwellings and recover that cost through the 'rental' price.