People whose assets are over the relevant applicable asset threshold in the Act and who own a home may apply for a residential-care loan to pay for their residential-care costs.
The formal Residential Care Loan Scheme policy was notified in the New Zealand Gazette on 2 June 2005, to take effect on 1 July 2005. The policy statement outlines the purpose of the loan scheme, the key eligibility criteria, terms and conditions of the loan, and policy relating to repayment, deferment and write-off of a loan.
For information about applying for a residential-care loan, contact Work and Income’s Residential Subsidy Unit, free phone 0800 999 727.
If you have questions about the residential-care loan scheme policy contact us.