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  • Writer's pictureBill Savellis

Do I have to sell my home when I move into Aged Care?

Elderly man in the kitchen

When you move into care, you will be asked to pay for your accommodation as either a refundable lump sum (referred to as a Refundable Accommodation Deposit, or RAD for short) or a daily "rental" payment (referred to as a Daily Accommodation Payment, or DAP for short).

Some residents may choose to sell their home to make these payments. Other residents may choose to keep their home so that other family members can live there or so they can earn rental income.

The choice is up to you. You are not forced to sell your home.

The choice you make may impact how much you pay for your care and how much Age Pension you are eligible to receive.

It is important to make sure whichever choice you make, that you have enough cash flow (or available assets) to pay your fees and meet other expenses. Navigating through the financial aspects of aged care can be complicated, especially as you should take into consideration:

  • How your age pension is affected?

  • How to pay for your accommodation?

  • What will you pay for your ongoing care?

  • Whether you need to pay any tax?

  • Whether you have enough cashflow to pay for your care and living expenses?

  • The impact on your net wealth and your estate?

You can also access free information to help you understand the rules from Centrelink or However, as specialists in Aged Care Financial Planning, we can help to tailor a plan that works for you and your family.

We can talk you through the care options available to you, the costs associated with them and the best way to restructure your finances to pay for the appropriate care.

Headshot of Bill Savellis

Bill Savellis

Senior Financial Adviser

Having navigated the Aged Care landscape for both of his parents, Bill understands how challenging it can be to make the right decisions for your future care needs. That's why he believes that everyone should have access to financial advice during this time. Bill has been a Financial Adviser for over 22 years, and is passionate about helping others access the financial advice they need. Drawing from his own experience in the financial sector, Bill develops strategic, personalised plans to support transitions to Aged Care or Home Care.


Disclaimer: Prepared without taking into account your objectives, financial situation or needs. Before acting on any information in this article, Olive Grove Financial Advice recommends that you consider whether it is appropriate for your circumstances. Information in this article was correct and current as of 22 February 2022. Olive Grove Financial Advice is operated by Bill Savellis through The Financial Advisor (Australia) Pty Ltd ABN 72 619 546 431, who is a Corporate Authorised Representative (No. 1278394) of Havana Financial Services Pty Ltd.


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