My father is selling me a home, he wishes to make this as cheap as possible. Both parties are flexible. What is the best way to go about the sale. It is being sold at arms length. Less than half price. We wish to offset as much interest at once (I have savings post sale) Once I complete my loan I will be assisting my siblings with purchase. I am aware of the generosity and privilege and opportunity my parents have given to me.
Currently in the process of consulting with broker. Anyone with any financial advice that good benefit my situation would be greatly appreciated.
Feel free to ask any questions and include suggestions for what I should add to post if you believe it should be so.
Update(TLDR for comments): I have been taught below by my fellow Ozbargainers. Thank you everyone!
Regarding CGT and that it wont be an implication as I am purchasing a primary residence.
Stamp duty (expected this)
Transferring mortgage in sale
First home buyers grant cant help me due to the market value exceeding 700k
Seek a solicitor for legal ramifications I may be unaware of.
Consult a experienced property lawyer.
That could cause you problems in life.