Question:

I need some advice.
I am a 63 year old female low income worker.
I earn $30,000 a year. Have $360,000 in the bank. $120,000 in superannuation.
I own my own apartment which is worth about $700,000 and am prepared to downsize if necessary.

My largest outgoing is $4,000 per year for my body corporate fees.
Otherwise my bills are just the normal ones....car registration , electricity, etc. I have no debt.

I want to invest in a property with my daughter. We will share the cost. My share will be about $150,000.
Should I pay my share in cash which is my natural inclination, or is there a better way for me to handle the situation?

Answer:

I doubt  that you would be able to obtain a loan in view of your age and your low income so if you are determined to invest in property it appears that a cash deposit is the only way to go for you.

Just bear in mind that investing with family members can be high risk because if their circumstances change, for example marriage, they may insist that the property be sold because they need the money.

This would cause you to incur unnecessary costs as well as capital gains tax. For myself, I would prefer to be investing in quality shares in my own name but at the end of the day you must do what feels right for you.