A granny flat agreement, also known as a granny flat interest
and is an interest in accommodation for life which is most commonly
used in the context of social security. Such an arrangement is
commonly seen as an alternative for elderly family members having
to move into a nursing home or aged care facility and allows such
elderly family members to move in with a relative (usually an
elderly parent and child) in exchange for the transfer of an asset
without affecting that elderly family members social security
entitlements.
What is a granny flat agreement?
Is usually a family arrangement whereby an elderly family
member, generally a parent, in exchange for an asset is granted a
granny flat interest in a relative's home for that elderly
family members exclusive occupancy.
