Family Home Considerations

If the decision is made to sell the house to pay for accommodation costs, it is important to note that a lump sum refundable accommodation payment paid to an aged care service provider is exempt from the Age Pension assets test.

However, if there is residual capital left from the sale of your home that is then placed in a financial investment (e.g. cash, term deposits, managed investments, shares etc.), it may subsequently form a component of the income and asset tests associated with the Age Pension and aged care.