ok i get where you're coming from, they were my first thoughts exactly, then my parents explained to me that my dads buying the house under his name then transferring the ownership to me while he still keeps the loan under his name and pays it off, however my fiance and i will have to pay off $200,000 later while my dad pays off $257,000 in the meantime......what's free these days anyway?? besides my parents aren't dumb, the agreement between us is that i own the house and have total control of it, while we all have to live together because thats our tradition >kids live with parents while they're alive....and mine have long lives but they're planning on living here half a yr and overseas half a yr etc< and i pay my share of the loan like 5-10yrs later....
at first i thought it was a tax strategy too until my dad explained it to me, so in the end, the house is mine and i still have the first home buyers grant because i didn't buy the house...yay