Aged care response to low cost capital loans
The Australian Government has provided a progress report on its ‘Zero Real Interest Loans’ program, to help create hostel and nursing home places in areas of high need.
The Department of Health and Ageing received 115 applications at the time of applications closing on 6 June.
Minister for Ageing, Mrs Justine Elliot, gave the update in an address to the ‘Aged and Community Care Victoria Annual State Congress’ in Melbourne.
Earlier this year, the Australian Government set up a $300 million zero real interest loans program, to help create 2,500 permanent residential aged care places in areas designated as ‘high need’.
Until the applications are assessed, the Department of Health and Ageing will not know whether there will be sufficient quality applications to allocate $150 million in loans and 1,250 places.
Applications will be assessed against the application criteria, and conducted independently by the Department of Health and Ageing.
An independent financial adviser will be advising the Department on the financial aspects of the applications.
In addition, an independent adviser will assist the Department on probity matters.
Based on the number of applications received and the complexity, the Department expects to have completed the assessment phase by late July.
Announcements are scheduled to be made in August
