The WA Government says its $100 million Aged Care Low Interest Loan Scheme has attracted strong interest from aged care providers.
In a bid to expand access to residential aged care for older Western Australians, the Government scheme offers loans of up to $20 million per application.
The loan terms will be up to 15 years and will expand concessional residential aged care places, through supporting construction, upgrades, and refurbishment of aged care homes across the State, the Government says.
Applications from registered Australian providers showcased a strong demand from the sector and a shared commitment to significantly boost capacity for concessional and supported residents to help meet growing demand for aged care services in WA, said Premier, Roger Cook.
“My government’s priority is ensuring Western Australians have access to the healthcare they need, when they need it,” said Premier Cook.
“That’s why we have introduced this nation-leading loan scheme.
“These loans will improve the sector’s capacity to care for older Western Australians, taking pressure off our hospitals and delivering good outcomes across our State’s healthcare system.”
After a competitive assessment process, the Government will start negotiations with eight conditionally recommended providers, with successful projects to be announced once negotiations are finalised.
The loan scheme encourages innovative approaches that modernise aged care infrastructure, improve access to services in regional and remote communities and generate local economic and employment opportunities.
“These aged care loans are about more than increasing bed numbers. They are about supporting modern, fit-for-purpose facilities that can respond to increasingly complex care needs while improving quality of life for residents,” said Aged Care and Seniors Minister, Simone McGurk.
“By partnering with industry through this innovative financing model, the Cook Government is helping to strengthen the long-term sustainability of the aged care sector and ensuring Western Australians can access the care and support they deserve as they age.
“The Aged Care Low Interest Loan Scheme will support projects that improve barriers to accessing residential aged care, particularly for Western Australians who may have fewer financial resources.”
