Zero real interest loans applications close on June 6
The Minister for Ageing, Justine Elliot, has reminded aged care providers to apply for the Zero Real Interest Loans as the application round closes on June 6. The $300 million plan is expected to create 2,500 permanent residential aged care places in areas of high need such as regional and undersupplied areas.
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29 May 2008
Minister for Ageing, Mrs Justine Elliot today reminded aged care providers to apply for the Zero Real Interest Loans as the application round closes on June 6.
The $300 million plan is expected to create 2,500 permanent residential aged care places in areas of high need such as regional and undersupplied areas.
The three-part delivery plan comprises:
- Stage One: An initial $150 million zero real interest loans for up to 1,250 residential aged care places provided by the Commonwealth;
- A review* and evaluation after this first round – to determine the implementation arrangements for the remaining 1,250 places; and
- Stage Two: providing the second set of 1,250 places - $150 million zero real interest loans.
Announcements of the zero real interest loans is expected to take place in early August.
Mrs Elliot said the scheme was about preparing Australia for the challenges of the 21st century and the nation’s long-term needs.
It delivers on the Government’s election commitment to provide low-cost finance to help proven providers establish services in areas where they have previously been unlikely to invest.
The first loans round is expected to create 1250 additional residential aged care places in areas of “high need” such as regional and “undersupplied” areas.
The zero interest loans mean providers can obtain a loan to build or expand residential aged care and respite facilities to which only the consumer price index will be applied.
The scheme will suit providers with a sound financial base who have proven experience in residential aged care - and a sound record of developing new services in a timely way.
Applicants also need to be willing to provide aged care services in identified areas of high need, and be able to access a suitable site for the facility.
State, territory and local government entities will be able to apply for loans in small regional centres and rural and remote areas where they are the only operators.
Facts
High need areas are generally in non-metropolitan regions with ratios below the current national target of 88 operational residential places per 1000 people aged 70 years and over.
Some non-metropolitan regions have been included to meet the specific needs of Indigenous Australians, or because there are specific geographic locations within those regions which are undersupplied.
The areas of high need – plus information on the administration of zero real interest loans, including FAQs and application forms, are available at:
www.health.gov.au/internet/main/publishing.nsf/Content/ageing-zero-interest.htm
Enquiries can also be made on the Aged Care Information Line -- 1 800 500 853.
For more information, contact Mrs Elliot's office on (02) 6277 7280
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