To move into a residential aged care home, you will need to pay a basic daily fee, an income tested fee and an accommodation payment.

The accommodation payment can either be paid as a lump sum up-front (known as a Refundable Accommodation Payment), a daily amount (known as a Daily Accommodation Payment) or a combination of both.

What you choose to do with your family home will affect your income and assets test, so it is best to get professional financial advice before making any big decisions.

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