With the way the Sydney property market has been behaving
lately, we have been seeing more and more parents providing money
to their children to purchase property. This seems like a very
innocent thing to do, but it can lead to some legal issues which
you did not think about.
The questions which are important to consider are:
Is the money a gift or loan?
This is an important question for the bank to know if your
children are also looking to get a loan with the Bank to top up the
amount for a purchase. If it is a loan the Bank may not loan any
further money.
Is it a gift you have provided for your other children as
well?
Do you want your children to benefit equally under your
will?
