In this episode, Glen is joined by financial adviser Nathan Fradley to unpack the often-misunderstood “granny flat provision” also known as a granny flat interest or right. They chat about how Centrelink assesses these arrangements, when they can work well, a real case study, plus risks to watch out for. The cover:
👉 what a granny flat right actually is & how Centrelink assesses it
👉🏼 homeowner vs non-homeowner rules explained
👉🏽 the “reasonable test” and how much you can contribute
👉🏾 gifting vs deprived assets
👉🏿 real case study - Gail & Peter sell their home and move in with kids
👉🏻 benefits when the arrangement works well
👉 key risks - contracts, estate planning & family conflict
👉🏼 tricky scenarios (multiple kids, new partners, family law issues)
👉🏽 the five-year rule and what happens if arrangements end early
👉🏾 when granny flat provisions may or may not be right for you
Watch this episode on Youtube: https://youtu.be/9yMKFP4706s
Nathan's website: https://www.nathanfradley.com.au/
The case study: https://www.nathanfradley.com.au/post/an-introduction-to-using-granny-flat-rights
If you’d like to chat with someone about your personal situation, reach out to our team so we can connect you with a professional: https://www.retireright.com.au/get-help
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Any advice is general financial advice only which does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you do choose to buy a financial product read the product disclosure statement (PDS) and target market determination (TMD) and obtain appropriate financial advice tailored to your needs. Symo Interactive Pty Ltd trading as Retire Right Australia & Glen James are authorised representatives of MoneySherpa Pty Ltd which holds financial services licence 451289.Martin McGrath, Financial Edge Group and their employed financial advisers are authorised representatives of Synchron Advice AFSL 243313.
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