A Refundable Accommodation Deposit (RAD) or Daily Accommodation Payment (DAP) is an amount that you pay towards your accommodation in an aged care facility. You can choose to pay your accommodation costs by:
- A lump sum style refundable accommodation deposit (RAD)
- Rental type payments called a daily accommodation payment (DAP), or
- A combination of both.
The Accommodation payments at our West Perth facility range from $550,000 or maximum daily payment of $106.38 and payments are due on the date of admission. If you choose to pay the Refundable Accommodation Deposit (RAD Lump sum) the amount is payable in full on the day you move into the facility, with interest charged from the date of admission for outstanding amounts.
The interest on the outstanding amount is currently charged at 7.06% as at 1 January 2023 (the Government sets the maximum interest rate you can be charged, which is set at the date of entry to the aged care home.) Any lump sum payments can be made which can then of course reduce the interest payable.