The price of rooms at Jacaranda Village is currently set at $350,000 for a single room and $330,000 for a double room. This can either be paid as a Refundable Accommodation Deposit (RAD), which was previously like a bond payment prior to 1st July or a Daily Accommodation Payment (DAP), or a combination of both. The RAD is fully repayable when the elder leaves the home unless the following payment scheme is put in place.
The DAP is calculated at 6.69% pa (Maximum Permissible Interest Rate or MPIR) subject to change by the Government, on the balance of the Accommodation Deposit after the amount of the RAD is determined and paid. It is also possible to pay the DAP from the RAD to make it easier for the elders.
An example would be: An elder pays a RAD of $200,000 and therefore the balance between our maximum price and the RAD is $150,000 and calculates out as a DAP of $27.49 per day ($150,000x6.69%/365). This amount could be paid separately or be deducted from the $200,000 RAD figure paid.
$400,000 elders asset level
$45,000 required minimum assets to be retained
$355,000 assets available for RAD
$350,000 maximum accommodation price
1. The elder chooses to pay a RAD equivalent to the maximum accommodation price of $350,000
a. The full amount of the RAD lodged is refunded to the elder or their representatives on departure
2. The elder chooses to pay the whole of the accommodation price as a DAP
a. The DAP payable is $64.15 per day. Accommodation price x MPIR/365 ($350,000x6.69%/365)
3. The elder chooses to pay the Accommodation Price by 50% RAD and 50% DAP. In this example, the DAP is to be deducted from the RAD lodged
a. The RAD paid is $175,000
b. The DAP is therefore $32.07 per day ($350,000/2x6.69%/365)
c. The DAP would reduce the RAD lodged by $32.07 per day or $11,707.50 per year
Each scenario will be different for each elder, as not everyone has the same asset capacity and therefore each case will be individualised to meet the requirements of the family. There are a number of payment options available for elders, and this will be discussed at the time prior to entry at Jacaranda Village. Protection does exist for those with a genuine level of low asset capacity so that all people meeting the criteria can afford our services.
For more information please contact:
Phone: 03 5024 1104