Current location
You are here: help with aged care homes > cost > types of costs > accommodation payments > interest payable to residents on accommodation bond refundsHelp with aged care homes
Interest payable to residents on accommodation bond refunds
If you’ve paid an accommodation bond (more information), you’ll be pleased to know the government has set strict timeframes for providers (more information) to refund your bond balance should you leave your current service.
If you give more than 14 days notice of leaving then your bond balance should be refunded to you on the day you leave. If you give notice within 14 days of leaving then your bond balance should be repaid within 14 days of you giving notice. If you give no notice of leaving the provider should refund your bond balace within 14 days of your leaving. In the case of death your bond balance must be repaid 14 days after the provider is shown probate or a letter of administration.
If the provider does not refund your bond balance on the day you leave, you are entitled to interest payments on your bond balance until it is refunded.
Current and previous maximum permissible rates can be found at Department of Health and Ageing website.
