8 June 2013
PARENTAL ASSISTANCE Whilst housing affordability has improved slightly it’s still tough for many first home buyers to save a substantial enough deposit to purchase that initial property. One way to get a foot in the door is for parents to assist their adult children by providing funds to help with a deposit. A financial gift may be given directly to them or contributed to a First Home Saver Account, a tax effective way to save for a home.
Yarraville
104 Somerville Road 9316 9000
Williamstown 1/66 Douglas Parade (Corner Stevedore Street) 9393 1600 www.jasstephens.com.au
Another option is for parents to offer guarantor support for their children by providing either the parents’ home or term deposits as security. A third assistance option would be to consider buying the property jointly with their children. This would mean that the parents would have their names on the title deeds. For both guarantor support and joint ownership of property, the parents are fully liable for their child’s loan obligations. This arrangement works well for some families but is undesirable for others. A better way to provide financial support and to protect parents’ interests is through a written loan agreement. Parents who lend or gift money to their children can insist on both parties signing a binding financial agreement to ensure that the money is repaid if the relationship breaks down. Parents should always obtain specialist legal and taxation advice when setting up a loan for their children so that everyone is clear on what the agreement entails. Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938
As a service to our vendors, we will require names & phone numbers on entry of all inspections. Privacy Act 2000: We use personal information collected from you during open for inspections for security purposes. We may also use that information to contact you with respect to this property and others we believe may be of interest to you. Also, we may contact you in relation to other services provided by us or our associates such as insurance, mortgages and loans. By providing your information to us you agree to our use of it as described above unless you advise us differently. If the information is not provided we may not be able to provide an effective and comprehensive service to you. (Your personal information will be collected and held in accordance with provisions of the Information Privacy Act 2000). We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations. We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected. We make every effort to contact all interested parties prior to a property being sold.
MEET THE TEAM
MAREE CECCHIN
ANNA GRECH
ASTRID JANE
ALAN STEPHENS
REECE GOSSTRAY
Sales Trust Administrator
Senior Sales Consultant
Sales Consultant
Chairman
Phone 9316 9025
Mobile 0438 446 051
Mobile 0402 211 660
Mobile 0411 242 638
Project Sales Manager Banbury Village
Email salessec@jasstephens.com.au
Email agrech@jasstephens.com.au
Email ajane@jasstephens.com.au
Email astephens@jasstephens.com.au
MARK HUTCHESON
NICOLE GRECH
LACHLAN McCRAW
RACHEL WHITE
MAX WALLER
Sales Consultant
Marketing Manager
Mobile 0448 820 445
Mobile 0423 590 508
Business Development Manager (Property Management) - City of Maribyrnong
Business Development Manager (Property Management) - City of Hobsons Bay
Director Provincial Home Loans
Email mhutcheson@jasstephens.com.au
Email ngrech@jasstephens.com.au
Mobile 0400 335 498
Mobile 0431 597 601
Email lmccraw@jasstephens.com.au
Email rwhite@jasstephens.com.au
Mobile 0418 378 276 Email rgosstray@jasstephens.com.au
Mobile 0438 430 436 Email maxwaller@provincialhomeloans.com.au