Aged Care Finance Solutions
Why Use Us?
We are nationally affiliated, specialist aged care credit advisers.
We have many years experience dealing with older Australians and their credit requirements.
We understand the extra requirements involved in working with seniors; care, compassion and patience.
We hold Australian credit licenses that allow us to access specialist credit facilities from leading Australian banks. We are SEQUAL accredited.
These special equity release credit facillities can only be discussed and arranged by holders of an Australian credit license.
The ability to deal first hand with the experts in arranging the required finance to avoid selling the family loan.
People entering aged care often do so reluctantly. The forced sale of their home can compound their feeling that they are no longer in control of their lives.
By choosing NOT to sell the family home, this feeling of disenfranchisement can be reduced or eliminated. The care entrant feels that they have options regarding their future as their home has not been sold.
The care entrant in often in a more relaxed state of mind and thus better able to settle into their new environment. The issue of selling the home is often better received after the 'settling in' period.
We only deal with major Australian banks and finance companies who provide equity release products.
These financiers are subject to Australian credit legislation that requires features including a "No Negative Equity Guarantee' (Protective equity option).
This protects the beneficiaries of the estate from any potential debt over and above the 'fair market sale' price of the home.
When the home is retained by using equity release facilities, rental income can be used to help meet accomodation costs.
When the rental income is applied to meet accomodation costs, it can be exempt from the Centrelink assessment re: pension entitlements. This should be checked with an Aged Care Financial Adviser.
This means that the care entrant can retain more of their pension income to meet day to day care costs, perhaps including extras.
Equity release loans do NOT require any regular repayments. Interest is added to the loan balance and repaid as a single instalment, at the end of the loan.
This reduces the strain on pension income for the care recipient, whilst still retaining the home as an asset of the estate.
This means that the care entrant can retain more of their pension income to meet day to day costs, perhaps including a few extra services.
We provide a full analysis of the costs associated with the cost of using credit to assist in paying foir Aged Care.
This allows the entrant and their family to be fully aware of the potential costs involved.
Families can make their decisions with a full knowledge of the costs of finance.
Under the regulations, accommodation providers can require a decision regarding the payment of care costs within twenty eight days of entering care.
The arrangement of equity release loans can enable the family to make a definite decision regarding their choice of options. Approvals of loans are usually received withing a week of application.
The funds are usually available within four to five weeks of applying. We arrange the details and usually even arrange for the loan funds to be paid to the care provider.