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Family Agreements
Living with your adult child? Co-purchasing property? Or building an extension or granny flat with family? Learn more about the value of setting up a formal family agreement.
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What is a family agreement?
A family agreement is an arrangement between an older person and someone else regarding care and living arrangements.
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What should a family agreement include?
A family agreement should include everyone’s contributions, what they expect in return, and what should happen if the agreement ends.
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Steps to take to arrange a family agreement
There are many steps to arranging formal family arrangements. This outline will help you understand where to start.
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When things go wrong
Unfortunately, family agreements don't always work out. This can leave an older person in a difficult position, find out what to do when things go wrong.
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Centrelink and the age pension
Older people can receive the age pension through Centrelink/Services Australia, with the amount received dependent on their income and assets.
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Intergenerational households
Many intergenerational households come about as a cultural norm or a way of providing care for ageing parents or grandchildren.
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Contributory Parent visas and migration to Australia
While many people enter into family agreements to ensure they receive some extra support as they age, often a driving motivation is to provide support for their family.
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Family Agreements tip sheet
If you are considering entering into a formal Family Agreement here are a few tips to consider.
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Family Agreements checklist
This helpful checklist is a great place to start. It includes summary information about making Family Agreements as well as what to do when things go wrong and where to seek help.
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Giving gifts to family
What should you think about before giving financial gifts to family members? Find out how to avoid any regrets.
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Going guarantor on a home loan
Is guaranteeing a family member’s home loan a good idea?
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Lending money to family
How can you look after your needs when lending money to family members?
Family Agreements Resources
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Case Study: Pamela and Leo
Formal documentation of a family agreement can assist an older person recovering their money when the arrangement ends ...
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First Nations Foundation Impact Report 2023
This major report documents the impact of a large scale financial literacy and education programme implemented in First...
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Understanding financial elder abuse: video quick guides in community languages
These video guides help recognise and respond to elder financial abuse for CALD communities have been translated into 1...
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Preventing Financial Abuse
This factsheet and checklist offers tips to empower older people to prevent financial abuse.
Family Agreements Real Stories
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Find a Service Provider
In an emergency call 000
This free number will redirect you to an existing phone service near you. This is not a 24-hour line. Call operating times will vary. A collaboration between the Australian, state and territory governments.
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