Help Please - Income & Asset Testing for Package + Nursing Home

Greetings everyone ~ I’ve been thrown in and am sinking - please help…I am 70 and was working part-time, then was diagnosed with terminal illness 2 months ago. Have moved straight to the full age care pension, have never mentioned any assest to Centerlink (never thought too) and am in hospital awaiting a level 4 package, then will move back home when package is in place, and will eventually move into nursing home at end of year.
I have no family, and no social worker yet and I am so confused. I rent and live simply. The only asset I have is $60,000 in a term deposit and $10,000 in my general banking account. I don’t own anything else of real value. I am worried that I will be asked to use my savings to contribute to my package and nursing home costs.
My questions are…1) do they look at my income 12mths prior from the date one applies for a package or nursing home, or is it from financial year to financial year? I am worried as I have earned salary from my job, plus I got an un-used annual leave payout when I resigned. I also got a a few thousand in super. I will have definately earnt over $50,000 this past year;
2) I also have a large personal loan that a friend gave me - I have a stat declaration form the both of us stating that this happened, and I would like to use my savings to pay back this friend - how to I let the “financial assessors” know about this loan? Do I give Centerlink a copy of the Statutory Declaration, is that how it works? My friend is overseas at the moment, and I cannot repay the loan to him until October. Thank you in advance…

Hi there,

Gosh, it’s a lot all happen at once, isn’t it. Very overwhelming!

There are a few different support numbers you can call to help get a better understanding around your specific financial circumstances. They won’t be able to provide financial advice, but should be able to help provide information which will help guide you.

Services Australia Aged Care line

Use this line to talk about your aged care services, and home care package or aged care home costs.

1800 227 475

Monday to Friday 8 am to 5 pm

Centrelink Older Australians Line

For help with your Age Pension call the Centrelink older Australians line on 132 300

My Aged Care

You can call the My Aged Care Contact Centre on 1800 200 422.

We are open: Monday to Friday: 8am to 8pm

Saturdays: 10am to 2pm

Financial Information Service

The Financial Information Service (FIS) is an education and information service available to everyone in the community. While the FIS service does not provide financial advice, FIS Officers can help you to make informed financial decisions.

FIS is provided by specialist Services Australia officers. It is independent, free and confidential, and provided by phone, by appointment and through community outreach.

For more information about FIS call Services Australia on 13 2300

Older Persons Advocacy Network (OPAN)

Offers free and confidential services that focus on supporting older people and their representatives to address access to Commonwealth-funded aged- care services and to participate in decisions about their care.


• 1800 700 600

We hope this helps shed some light on next steps.
All the very best with your progress.

The agedcare101 Team