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In a study by CoreLogic, it was found that: Granny flats can generate an average rental yield of 15%, making them an attractive investment opportunity. Rethinking Aged Care: Embracing Granny Flat arrangements with us ⟶
UNABLE TO MAINTAIN YOUR HOME, FEEL LONELY, LIVE FAR FROM FAMILY, OR HAVE BASIC CARE NEEDS THAT CAN BE MET BY FAMILY, A GRANNY FLAT COULD BE AN IDEAL SOLUTION FOR YOU.
The prospect of selling one's family home and relocating to a completely unfamiliar setting can be daunting for many elderly Australians. Aside from the emotional upheaval, the financial burden of moving into an aged care facility can be overwhelming. This leaves those without immediate access to liquid funds struggling to find a suitable home for their retirement years or settling for an uncomfortable environment that is detrimental to their well-being and mental health. What is Granny's Flat? Fortunately, there is an alternative approach that allows you to care for your loved ones and provide them with peace of mind without requiring them to move into an aged care facility. This is where the concept of "granny flat arrangements" comes into play. Granny flats are not simply old, standalone structures behind someone's house. They are recognised by Centrelink as a viable alternative to aged care facilities, subject to the same asset test rules to ensure that age pensions are not entirely lost. Instead of an elderly parent or relative selling their family home and using the proceeds to secure a life tenancy agreement in an aged care home, they can transfer the sale proceeds to their children or relatives. In return, these family members provide the elderly family member with the right to reside with them for the rest of their life. The proceeds from selling the family home are considered "exempted" from Centrelink assessment, just as they would be if used to pay a refundable accommodation deposit (RAD) to an aged care provider. Rather than the house proceeds going to a third party, they can remain within the family unit. This allows the funds to be utilised for necessary modifications to the family home, such as installing support rails or ramps, or even funding an extension to provide additional living space for the elderly parent or loved one. Naturally, there are limits to how much can be exempted as Centrelink "assessable" based on a reasonableness test. We, as aged care experts, can work with you to calculate these test limits for a granny flat arrangement and assist with all the necessary paperwork to implement this unique strategy.
How we help?
We assist you in navigating the risks
associated with Granny Flat Arrangements.
We help you understand the financial implications of Granny Flat Arrangements, such as pension entitlements, cash flow, and taxation.
We ensure compliance with DVA and Centrelink rules regarding granny flat interests.
Our expertise allows us to refine agreement terms to accommodate changing circumstances.
We provide comprehensive analysis and options for informed decision-making.
Our services reduce the risk of unexpected challenges and family misunderstandings.
We offer a clear "pathway" forward with documented agreements.
Avoid costly errors and minimize financial burdens with our assistance.
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