Okay, this is kind of a long and complicated situation, so apologies upfront
I'm in year 12, and i'm planning on moving to melbourne next year. My parents are deciding to sell up and enjoy some retirement (they're late starting parents) and buying a bus to travel round Australia.
When they sell, they want to put a deposit down on a house in melbourne for me. After mortgages and their bus is paid off, they ought to have just under 300 thousand, half of which will go to my brother to finance a new business.
My problem is, if they lend me the money, can centrelink start taking away from all our allowances?
Also, i think there are some sort of restrictions on how much money one person can gift to another.
If they don't lend me the money however, and buy the house in joint names, will i have my living away from home allowance taken away because i'm living in a house with their name on it?
Any advice on how best to handle this kind of stuff is greatly appreciated,
Thanks!
I'm in year 12, and i'm planning on moving to melbourne next year. My parents are deciding to sell up and enjoy some retirement (they're late starting parents) and buying a bus to travel round Australia.
When they sell, they want to put a deposit down on a house in melbourne for me. After mortgages and their bus is paid off, they ought to have just under 300 thousand, half of which will go to my brother to finance a new business.
My problem is, if they lend me the money, can centrelink start taking away from all our allowances?
Also, i think there are some sort of restrictions on how much money one person can gift to another.
If they don't lend me the money however, and buy the house in joint names, will i have my living away from home allowance taken away because i'm living in a house with their name on it?
Any advice on how best to handle this kind of stuff is greatly appreciated,
Thanks!