The NSW Government recently announced new regulations to do with buybacks with the sector and resident association affecting aged care nursing homes in Sydney and NSW. These new reforms will allow for residents in retirement villages such as Rooty Hill’s ‘Residential Gardens’ to have the opportunity the right to apply to the department of Customer service for a payment called “exit entitlement payment” if the operator of the property has an unreasonably delayed sale.
The government continues to support aged residents that are transitioning from retirement villages such as Rooty Hill’s ‘Residential Gardens’ to aged care nursing homes in Sydney and NSW. The government support comes in the form of a new “aged care rule” financially assisting residents, the new rule states that when a resident needs to move into aged care nursing homes in Sydney or NSW but cannot afford it their operator will pay a portion of the resident’s estimated exit entitlement being labeled as a “Daily Accommodation Payment” to the aged care nursing home. The operator’s payments are able to be recovered and cannot extend to more than 85% of their reasonable estimate of the amount of the resident’s exit entitlement. This new rule is going currently going through the process of becoming legislation which is not expected to happen till after Christmas 2020.