This can benefit people who:
- do not have sufficient funds to pay lump sum accommodation payment without selling former home
- have a former home that has a relatively low market value
- have a former home that will not generate sufficient rental income to meet aged care expenses
- have a former home that is not able to be rented without substantial repairs/renovations
- Selling former home may assist with paying lump sum accommodation payments
- Selling former home may provide access to capital to assist with meeting ongoing aged care expenses
- Selling former home may be less stressful for family members as they do not have to manage property
Things to be aware of:
- If sale proceeds are invested in financial investments (including making a downsizer contribution), they will be assessed as an asset subject to deeming which may reduce social security entitlements and increase means tested aged care fees
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