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Accommodation bonds are guaranteed
Did you know that the Australian Government guarantees your accommodation bond? (more information)
This means that you can be 100 per cent certain that your bond balance entitlement (including any interest that has accrued on the bond balance) will be repaid if your provider becomes bankrupt or insolvent.
Should such a situation occur, by assigning your rights to the government to pursue the defaulting provider, the government has the capacity to recover the bond money paid to you from your provider (more information). If this money is not recovered, the scheme enables the government to recover this money by collecting a levy from all providers holding accommodation bonds.
Who is covered by the scheme?
If you’ve paid an accommodation bond to an approved aged care home and you’re entitled to a refund, you’re covered by the scheme.
