Step 1 Get Informed Step 2 Get Set-Up Step 3 Get Assessed Step 4 Working Out Your Finances Step 5 Search Aged Cared Homes Step 6 Aged Care Operators Step 7 Applications Step 8 Agreements Step 9 Moving
Step 1Get Informed Step 2Get Set-Up Step 3Get Assessed Step 4Working Out Your Finances Step 5Search Aged Cared Homes Step 6Aged Care Operators Step 7Applications Step 8Agreements Step 9Moving

Step 4.6

What debt details do I need to provide on the income and assets test?

Debts

As well as your income and assets, you will be asked to provide information about any debts you have.   Generally, any debt secured against a particular asset is deducted from the value of that asset.

For example, debts include:

A mortgage

This refers to a mortgage that has been taken out for somebody else’s benefit.

Personal loans 

Only include the value of the personal loan if it is for an asset you have included in your assets list e.g. for a car.

Any other loans

This refers to any loan, charge or debt held over a financial or other asset that you have already listed.

Credit card debt is not included in the assessment

Have a question? Open our discussion forum

Go to next step
6 weeks
Time estimate to complete all of the tasks within this step, including all sub-steps.

Step 4

How do I calculate aged care costs?

Looking for aged care?

Did you know it could be 13 weeks or more to secure an aged care home?

agedcare101 makes aged care easy with 9 steps to an aged care home. You’re likely feeling the pressure to do something now but it’s equally important to invest the time to complete each of the steps and get the best result.

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A special thanks to our contributors

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Jill Donaldson

Physiotherapist

Jill has been practicing as a clinical physiotherapist for 30 years. For the last 13 years she has worked solely in the Aged Care sector in more than 50 metropolitan and regional facilities. Jill has also toured care facilities in the US and Africa and is a passionate advocate for both the residents in aged care and the staff who care for them. She researches and writes for DCM Media.

Read Profile
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Chris Baynes

DCM Media, agedcare101

Chris has been a journalist and publisher in the retirement village and aged care sectors for 11 years. He has visited over 250 retirement villages and 50 aged care facilities both within Australia and internationally. Chris is a regular speaker at industry conferences plus is a frequent radio commentator.

Read Profile
Icons
Annie Donaldson

Nurse and Carer

Annie has a long career in both nursing and the media. She has planned and co-ordinated the medical support from both international TV productions and major stadium events. In recent years she has been a primary family carer plus involved in structured carer support.

Read Profile
Icons
Jill Donaldson

Physiotherapist

Jill has been practicing as a clinical physiotherapist for 30 years. For the last 13 years she has worked solely in the Aged Care sector in more than 50 metropolitan and regional facilities. Jill has also toured care facilities in the US and Africa and is a passionate advocate for both the residents in aged care and the staff who care for them. She researches and writes for DCM Media.

Read Profile
Icons
Chris Baynes

DCM Media, agedcare101

Chris has been a journalist and publisher in the retirement village and aged care sectors for 11 years. He has visited over 250 retirement villages and 50 aged care facilities both within Australia and internationally. Chris is a regular speaker at industry conferences plus is a frequent radio commentator.

Read Profile
Icons
Annie Donaldson

Nurse and Carer

Annie has a long career in both nursing and the media. She has planned and co-ordinated the medical support from both international TV productions and major stadium events. In recent years she has been a primary family carer plus involved in structured carer support.

Read Profile