I am 25 years old and own a unit in arncliffe which i owe $35 000 . Current value guessing would be $300 000-$350 000. Another property in my street has come on the market the guy is looking for about $270 000 its a little run down.
My grandma has a 3 bedroom house in newtown that my dad just renovated estimated at $850-000-$900 000. She lives on her own. she has very little money about $50 000, is aged 75.
So i was wondering is there a way if my grandma moves into the property that im looking to invest in, and pays me nothing for living there but in turn grants me permission to rent her house out and pay her bills and make looking after her easier as its closer. with out her loosing her pension ?
the house she is not willing to sell to me as it is in her will to go to me my brother and my mother.
A bit tricky.
She can move out of her house and still maintain it as her PPOR but the income would be hers (not yours) so would be taxable.
Also If you let her rent yours for free you can't claim tax benefits on interest etc.
I'd speak to an accountant (a good one) to discuss if there is a way.
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