WITHOUT SELLING YOUR HOME! There are many flexible options for residents to fund their accommodation bond, just ask us today!

If you or your loved one are considering residential aged care now, there are many ways to pay the accommodation bond without selling your family home.  Selling the family home can be a stressful, emotional and difficult task in today’s tough property market, but that is no reason to delaying moving to a Superior Care Group service TODAY.

  1. Periodic interest payment.  The resident enters care immediately and pays a monthly interest charge on the agreed bond amount without paying bond itself.  The resident can choose any combination of a lump sum bond and interest charge.

    For example: Resident agrees to a $400,000 bond.  Instead of paying the lump sum bond amount they pay a monthly interest of $2,913 (8.74%).  The house is never sold.      If part of the bond is paid as a lump sum the interest charge is lower.

  2. Deferred payment of interest.  The resident enters care immediately and accumulates their interest charge on the agreed bond amount without being required to pay immediately on a monthly basis.  The final balance can be paid by the resident’s family at the end of their stay.  An additional fee is charged for this arrangement.  Note: SCG will require personal guarantee of payment and security.

    For example:      Resident agrees to a $400,000 bond.  Instead of paying the lump sum bond amount they choose to accumulate the interest (8.74%) and pay it at the end of their stay.  The resident stays in care for 12 months.  The accumulated interested at the end of the twelve month period: base interest – $34,960;  Total including service fee – $36,395.

  3. Reverse Mortgage.  There are many financial institutions that offer reverse mortgage solutions.  These companies will fund the accommodation bond while the title to your house stays in your name.

Accommodation bonds are only charged for residents with Low Care ACAT assessments.  High Care residents instead pay a daily accommodation charge in addition to the daily care fee.  These are detailed on our fees and charges page and are prescribed by Commonwealth legislation.

For more information contact our Wellington Park Private Care on (07) 3822 6761 or Merrimac Park Private Care on (07) 5618 1111.