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New regulations for retirement villages come into force

Building Issues Minister Clayton Cosgrove today announced regulations that bring the Retirement Villages Act 2003 fully into force, with significant implications for operators and residents.

Wednesday, September 27th 2006, 10:12AM

by The Landlord

These measures include the introduction of a formal disputes resolution process, greater disclosure of information by operators, and statutory supervisors to provide a watchdog role over villages. A Code of Practice has also been approved. Copies can be downloaded from the Department of Building and Housing’s website: www.dbh.govt.nz

The Retirement Villages Act does not cover rest homes, which are regulated under separate legislation by the Ministry of Health.

The dispute resolution provisions come into force on 1 October 2006. From that date, every retirement village must have a way of dealing with complaints. Disputes that cannot be resolved internally will have access to a new, independent Disputes Panel.


From 1 May 2007, potential residents of retirement villages must receive full disclosure of information from operators, as specified in the regulations. Other new features include a cooling-off period of 15 working days, during which an intending resident can withdraw from an occupation right agreement. A lawyer will need to certify that the details and implications of the occupation right agreement contract have been clearly explained to the intending resident.

New villages will need to be registered with the Registrar of Retirement Villages from 1 May 2007, and existing villages by 1 November 2007, including those currently governed by the Securities Act. The Registrar of Retirement Villages is located in the Companies Office, within the Ministry of Economic Development.

Villages’ registration fees are funding the enhancements. The initial registration fee has been set at $540 for up to 34 units, $1,700 for 35 to 84 units, and $4,410 for 85 units and above. Annual fees will be $450 for up to 34 units, $1,510 for 35 to 84 units and $3,850 for 85 units and above. The fees include GST.

There are an estimated 400 retirement villages operating in New Zealand.

The retirement villages announcement follows recent government amendments to tenancy law and service provision for landlords and tenants, and the review of the Unit Titles Act.

Other reforms across the building and housing sector include: the review of the Building Code, the licensing of building practitioners, auditing and accrediting Building Consent Authorities, changes to the Weathertight Homes Resolution Service, the introduction of a financial assistance pilot for the worst affected owners of leaky homes, product certification, and investigation of a home warranty insurance scheme.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼7.29 ▼6.85 ▼6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.89 ▼7.45 ▼7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

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