Hey Guys,
I'm a 15 year old student, who is extremely interested in property development/property investing, and I'm planning to buy an investment/development Property within the next few years (2-4yrs).
I was just wondering what is the legal age for buying an IP in all the states in AUS (if the age diferenciates).
Cheers,
JBendall
I don't believe that there is a limit regarding the age at which you can acquire a property (it may be that it goes in your parent's name as Trustee for ……. but your solicitor can advise the best approach).
A couple of things against this: you will lose your first home buyer's grant if you don't have it as your principal place of residence for a certain period of time (you will need to check out the timeframe).
A minor pays an exhorbitant rate of tax on 'unearned income' ie rent, dividends etc. So it may be better to wait until you are of the legal age to start collecting rent – refer to the Aust Tax Office for details.
Under contact Law a minor (anyone under 18 years of age) cannot enter into a valid contract so I would assume the buying contract could not be signed by a minor.
Duckster is correct a person entering into a contract to buy land cannot do so under the age of 18.
Richard Taylor | Australia's leading private lender
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