I looking to buy a property for my mum to live in . but I can't have property in my name or I lose rental assistance .is there a way for me to buy the property in her name but pay the loan my self ?I really dont want to end up living with my mum at 30. but i dont want her out on the street ether…
It will be difficult probably to do all that you want. If you are on title you may lose your benefits, but if not then you can't get the loan in your name. I assume your mum can't qualify for a loan in her own name.
You could set up a trust and rent to your mum – she could possibly receive rental assistance too. But Centrelink may need to class your trust asset and income as if they were your own. This will depend on what sort of benefit you are receiving.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If you can afford to buy a property for someone else, why bother with rental assistance? Technically you can spend your money however you like however you will be required to explain how you have emptied your bank account and this will affect your ability to receive entitlements for 5 odd years (same as a pensioner having restrictions on getting rid of money to qualify for the pension).
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