Example bond calculation - single non-homeowner

Bill is a single service pensioner who does not own a home (and has not owned a home in the last two years), but has $32,000 in assets.  The maximum amount of his bond would be calculated as follows:

Assets$32,000

Less amount Bill must be left with$22,500

Maximum bond Bill can be asked to pay$  9,500

Because Bill has less than $36,000 in assets, has not owned a home in the last two years and is an income support pensioner he is assessed as an assisted resident.

The facility is unable to retain the usual $13,000 draw down and hence, an additional Commonwealth Government subsidy is paid to the facility for providing Bill with care.

Note:  figures used in example are pre 2 April 1998 increase.