Do I need to sell my home?
You may be thinking of selling the family home to pay the accommodation bon. Or maybe you're wondering whether it's better to rent it out to help pay towards the daily fees)?
You have 28 days after you go into aged care to decide how to pay for your accommodation. In the meantime, you must pay the Daily Accommodation Payment (DAP) until the Refundable Accommodation Deposit (RAD) is paid:
if you decide to pay a RAD within those 28 days, you have 6 months to pay the RAD
if you decide to pay a RAD after those 28 days, it is due as agreed between you and the provider.
Either way, be aware that what you choose to do with the family home may affect the Age Pension assets test.
If you sell the home, its value will count towards the Age Pension assets test.
If you rent out the home, its value may count towards the Age Pension assets test, depending on when you moved into aged care.
If you keep the home without renting it out, it is exempt from the Age Pension assets test for two years from the date that you moved into aged care. (This may vary if you are, or were, a couple when you moved into aged care.)