Balance Aged Care - Financial Group Logo

Balance Retirement & Aged Care Specialists

Changes to the DAP interest rate 1/7/2016

Posted on: July 21st, 2016 by Eric Hiam in Aged Care Advice

The interest rate charged on the DAP (Daily Accommodation Payment) is usually updated on the 1st January, & the 1st July each year, but the new rate only applies to those people who enter care permanently after these dates, & who have elected to pay their Accommodation Payment in part or in full as a DAP or DAC (Daily Accommodation Contribution).

Those residents who entered care permanently prior to the updated rate will continue to be charged the interest rate applicable as at the date of permanent entry to aged care.

The new rate for the DAP/DAC is 6.01%pa from 1st July 2016.