Victorian Numbered Regulations

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RETIREMENT VILLAGES (CONTRACTUAL ARRANGEMENTS) REGULATIONS 2017 (SR NO 67 OF 2017) - REG 9

Calculation of amount of refundable in-going contribution if original in-going contribution less than market value

The clauses set out in Schedule 4 are included in a residence contract with a non-owner resident if—

        (a)     it is a condition of the residence contract that—

              (i)     the amount of the in-going contribution is determined with reference to a factor other than or in addition to the market value of the residence right; and

              (ii)     the amount of the in-going contribution is less than the market value of the residence right; and

        (b)     the residence contract provides for a refundable in-going contribution to be calculated with reference to the amount that will be paid as an in-going contribution by the next resident of the subject premises.


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