ARTICLE · 21 SEPTEMBER 2014

Options for your Retirement - Why not consider a Granny Flat Interest…

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Many people find that as they get older, living alone in their home is no longer feasible or may not be desirable.

AustraliaFamily and Matrimonial

Rosemary Carreras

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Many people find that as they get older, living alone in their home is no longer feasible or may not be desirable. There are many reasons why older people decide to live with their children, such as wanting companionship, support or the peace of mind that someone is around to help. This may also be a better financial option for some than buying a place in a community village or a retirement home.

Granny Flat Interest

A granny flat interest is established when you exchange assets or money for the right to reside is someone else's property for as long as you live. For example, a parent can transfer or sell their home under the granny flat provisions and pay money to their children for a lifetime right or the use of the granny flat (the "granny flat interest").

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