Your Payment Options

Residential accommodation fees can be paid as a Refundable Accommodation Deposit (RAD), a Daily Accommodation Payment (DAP) or a combination of RAD and DAP.

The Daily Accommodation Payment is calculated by multiplying the maximum RAD value by the Maximum Permissible Interest Rate (MPIR), then divide by 365.  The MPIR is reviewed by the Commonwealth Department of Health and Human Services quarterly, therefore the DAP value will vary.  Following is an example of accommodation payment options based on a maximum RAD of $400,000 and a 5.96% MPIR.

Option 1

A one off maximum Refundable Accommodation Payment (RAD) of $400,000

Option 2

A Daily Accommodation Payment (DAP) of $65.32 which equates to $23,841.80 per annum

Option 3

A combination of 50% RAD and 50% DAP.  The RAD value is $200,000 and the DAP value is $32.66 ($11,920.90 per annum)