Friends With Money #259: Helping kids buy property with super
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Want to help your kids buy their first home? Learn how it could pose a risk to your retirement plans, and the smarter ways to help.
This week on the Friends With Money podcast, Michelle Baltazar speaks with Aware Super's Kate Rolfe about new research showing most parents and grandparents are willing to help younger family members buy a first home.
This often involves gifting cash, reducing their mortgages or offering low to no-interest loans, but those good intentions could potentially put their own retirement savings at risk.
They discuss how giving financial support without proper planning can affect tax outcomes and Centrelink age pension eligibility, including potential consequences such as losing access to benefits for years.
Rolfe recommends getting professional financial advice before money changes hands, considering whether to gift the funds or structure them as a loan, and weighing up lump sum versus drawdown payments.
Episode timestamps
01:09 How families can help
02:45 Retirement and pension risks
05:26 Tax advice and structuring gifts
06:43 First home super saver explained
08:32 Lump sum vs drawdown
11:09 Where to start
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Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.
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You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).
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Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.
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