About the program
COVID-19 has had a significant impact on residential aged care providers. This included some providers having to refund more RADs than usual. The Refundable Accommodation Deposit (RAD) Support Loan Program offered zero‑interest loans to eligible approved residential aged care providers. This loan program enabled eligible providers to refund RADs on time. Providers are required to repay the loan in line with their agreement with the Department of Health.
Goals
The goal of this program is to support the viability of residential aged care providers and contribute towards the continued delivery of safe and high-quality aged care.
Who is eligible
To be approved for a loan a provider must:
- be an approved provider of residential aged care services;
- fulfil all other eligibility criteria in the RAD Support Loan Program Guidelines.
Approved providers owned by a state or territory government are not eligible.
How to apply
The RAD Support Loan Program closed to new applications on 30 June 2022 (extended from 1 December 2021). Please read the RAD Support Loan Program Guidelines futher details.
There are two stages to apply for the RAD Support Loan Program:
Stage 1 – Eligibility assessment form
Register your interest in a RAD Support Loan Program by filling in the eligibility assessment form.
Stage 1 assesses an organisation against basic eligibility criteria and whether an application can proceed to Stage 2. Passing the Stage 1 assessment does not indicate a provider is fully eligible or will receive a loan.
To complete the eligibility assessment form you will need to provide a range of information, including:
- information on your minimum level of liquidity under your organisation’s Liquidity Management Strategy as at 1 April 2020
- information on how RAD outflows will affect your organisation’s liquidity for the period of July 2021 to 30 June 2022
- a declaration relating to the commercial financing available to your organisation
- a declaration stating whether your organisation has available unencumbered assets that the Department can take as security for the loan
- consent for us to conduct credit checks and a financial assessment of your organisation.
Stage 2 – We invite you to apply for the RAD Support Loan Program and refer you for a financial assessment
Only applications that have passed the Stage 1 assessment will be invited to submit an application for Stage 2. Stage 2 will involve a financial assessment, and applicants will need to provide a range of financial documents as set out in the RAD Support Loan Program Guidelines.
We suggest having these documents ready once you are invited to apply under Stage 2.
If you are not found eligible for the RAD Support Loan under Stage 2, we will consider whether other Australian Government support programs may be suitable.
Contact
Contact us with questions about the RAD Support Loan Program. Use the subject line ‘RAD support loan program– query’. We will aim to respond within 3 to 5 business days.
