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Louise Biti

The $700,000 deposit that can save you $57,000 in fees

You may balk at handing over such a large sum of money moving into residential aged care, but it is refundable and saves on other costs.

Any time you move to a new home – unless someone lets you move in for free – you need to find a lump sum of money to buy the right to live there or create cash flow to rent the home.

A move into residential care is no different. It is essentially a move into a new home, albeit one that comes with many carers and support.

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Louise Biti is director of Aged Care Steps.

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    Original URL: https://www.afr.com/wealth/personal-finance/the-700-000-deposit-that-can-save-you-57-000-in-fees-20231026-p5ef6n