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Means testing for your aged care pension & your family home

We are often asked whether the value of the family home should be included in the assets assessment when determining the amount to be paid when going into care. The answer is part of the value of your family home may be counted in the assets assessment.

If you keep your family home, a capped amount of $186,331.20 (as at 20 September 2022) or the net market value of your house (if lower) is included in your assets assessment. If you are part of a couple, each partner is considered to own half of the home, so half of the net market value or the capped value is included as an asset – whichever is lower. The cap is applied to each half of the home.

Your home won’t be counted as an asset if it is occupied by a protected person. A protected person includes:

  • your partner or dependent child
  • a carer eligible for an Australian Government income support payment who has been living in the home with you for at least two years
  • a close relative who is eligible for an Australian Government income support payment who has been living in the home with you for at least five years.

A dependent child is a child who is under the age of 21 years.

It’s important to note that the rules around the asset test can be complex and may vary depending on a range of factors. We suggest you seek advice from an aged care financial advisor for your individual circumstances.

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