What does aged care financial advice cost?

We quote a fixed fee in writing after an initial conversation, and that initial conversation is complimentary. The fee covers more than the advice itself: once you have chosen an option, we implement it, and we deal with Services Australia on your behalf for both the aged care fee assessment and the Age Pension. For most families that is the part they didn't know they needed. We charge fees rather than commissions, so the advice is not tied to any product or provider.

We've been offered a place and only have days to decide. Can you move that quickly?

Usually, yes. This is the situation most of our aged care work begins in. Bring the fee schedule from the home, a recent Centrelink statement, and a rough picture of your parent's assets, and we can model the main options quickly. Call 02 97396555 and say it is time-sensitive aged care.

Can you help if my parent isn't already a 5 Financial client?

Yes. Our aged care enquiries can come from adult children whose parents have never worked with us. We can advise your parent directly, advise you if you hold power of attorney, or simply sit down with the family once and map out the options. There is no requirement for anyone to become an ongoing client. It's worth knowing that once the home is sold and the accommodation payment is made, there is often money left over. Where that money sits, what it costs in tax, and how it eventually reaches the rest of the family are decisions worth making deliberately. That's where some families choose to keep working with us.

What is an Accredited Aged Care Professional, and does it matter?

It is a specialist accreditation for financial advisers who have completed additional training in aged care fees, means testing, and how those interact with Centrelink and estate planning. It matters because aged care runs on its own rulebook. A very capable general adviser may simply never have worked through it. Two of our advisers hold this accreditation, Gillian Witham and Sulo Kulendran.

How does moving into aged care affect my parent's Age Pension?

Moving into residential care can change both the assets and income test. Within this, the treatment of the home is usually the biggest variable. Some families find the pension increases and others find it reduces or stops altogether. Because the aged care means-tested fee and the Age Pension are calculated from overlapping information, a change in one frequently moves the other. We model multiple scenarios to find the optimal strategy to minimise the means-tested fees and optimise age pension entitlements.

Do we have to sell the family home?

Not necessarily, and it is worth pausing before you do. The home is treated differently from other assets under both the aged care means test and the Age Pension assets test. That treatment can change depending on whether it is kept vacant, rented out, or sold. The most important exception is the protected person rule. If a spouse still lives in the home, it is exempt from the aged care assets assessment. A carer or a close relative living there can also qualify, though they need to meet conditions around income support and how long they have lived there. Where a protected person is in the home, selling it can change the position significantly. Selling can absolutely be the right decision or also permanently change a pension entitlement in a way a family did not see coming. So it's important to model it before you list it.

What is a RAD, and should we pay it as a lump sum or as a daily fee?

A Refundable Accommodation Deposit is a lump sum paid to the aged care home for the room, and the balance is refunded when the resident leaves or to their estate. You can instead pay an equivalent Daily Accommodation Payment, calculated at a government-set interest rate, or a combination of both. One thing changed recently. For permanent entries into care from 1 November 2025, the provider may keep a retention amount out of the RAD. It is calculated at 2% a year, deducted daily from the balance, and it stops after five years. Deposits paid before that date aren't affected. There is no universally correct answer between the two. A lump sum ties up capital but is treated differently under means testing; a daily payment preserves cash but is an ongoing cost. Which one works better depends on your parent's assets, their pension position, what happens to the home, and the family's cash flow. This is precisely the calculation we model side by side.

My parent needs aged care. What are the first financial decisions we have to make?

Usually four. 1. How the accommodation payment is structured. 2. Whether the family home is kept, rented or sold. 3. What the ongoing daily and means-tested fees will be and how to fund them. 4. How each of those choices affects your parent's Age Pension, ongoing cash flow needs and Estate transfer wishes. They interact since a decision that lowers one cost can raise another or reduce a pension entitlement. That is why having them modelled together, before anything is signed, matters more than getting any single one of them right in isolation. Our Accredited Aged Care Professionals advisers can model the options without you having to worry about it.

Aged Care Financial Advice Sydney

Arranging aged care and support for a loved one can feel complex and difficult.

Simplify the process and help protect their assets as far as possible by taking advantage of our expertise in this specialised area.

We’ll provide you with the advice and guidance you need to ensure the best outcome for you and your family

A growing area of our practice has been the demand for financial advice in relation to aged care services.

‘Many clients have elderly parents who require extra support in their later years,’ says Gill Witham, one of our financial advisers, who is also an Accredited Aged Care Professional.

‘Sometimes the need for advice is triggered by some sort of distressing event, such as the sudden onset of a serious medical condition, or the death of a spouse who’s been a carer in the relationship,’ she says. ‘Having to make decisions at these times is stressful enough, but it’s made worse if there are unexpected and unplanned-for financial repercussions arising from the changes that need to be made.’

5 Financial offers an aged care financial advisory service to help our clients navigate this sensitive and complex area.

‘People often feel quite overwhelmed at this time,’ says Gill. ‘By exploring the options and unravelling the numbers, we’re able to help to create some clarity and certainty that aids with decision-making.’

Apart from providing advice in a situation that’s prompted by a crisis, we also help clients plan for the possibility that aged care might be required in the future by someone they care for, or even themselves.

In either scenario, there are several key ways we assist:

If you’d like to discuss this service, please book a consultation.

Book a Consultation

Frequently Asked Questions

Has your question been answered? If not, please drop us a note and we’d be very happy to supply more info. Alternatively, please feel free to call us on 02 9739 6555 and we will be happy to answer your questions or put you in touch with the relevant specialist adviser in the firm.

Services

Aged Care Financial Advising

Get expert help in managing the financial side of aged care.

Frequently Asked Questions

Services

Aged Care Financial Advising

Get expert help in managing the financial side of aged care.

1. Creating a plan for aged care

2. Facilitating family discussions

3. Evaluating the options

4. Navigating the paperwork

5. Integrating with estate planning

6. Seeing the bigger picture

7. Ongoing advice and review

Frequently Asked Questions