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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:
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.