Okay I think I have got it now. You want to "protect your inheritance" by having your father give you his equity in his house. In other words, you want "your inheritance" now.
Is he on a pension? If he is you need to be aware of this:
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Seling or giving your home to someone else for less than market value
You are free to give any of your assets away, including your home. However it could mean that you lose your entitlement to the pension. Centrelink has very strict limits on how much of your assets you can 'gift' before your pension will be affected (the 'gifting rules'). You can give away assets of $10,000 in a financial year, with a limit of $30,000 over a 5 year period. Any assets you give away over this amount will be treated as a 'deprived asset' for 5 years from the date of the gift.
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http://www.legalaid.nsw.gov.au/publications/factsheets-and-resources/your-home-and-the-age-pension
Is he on a pension? If he is you need to be aware of this:
*********************************
Seling or giving your home to someone else for less than market value
You are free to give any of your assets away, including your home. However it could mean that you lose your entitlement to the pension. Centrelink has very strict limits on how much of your assets you can 'gift' before your pension will be affected (the 'gifting rules'). You can give away assets of $10,000 in a financial year, with a limit of $30,000 over a 5 year period. Any assets you give away over this amount will be treated as a 'deprived asset' for 5 years from the date of the gift.
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http://www.legalaid.nsw.gov.au/publications/factsheets-and-resources/your-home-and-the-age-pension