Would this contract be legal in Queensland, Australia?

Question

This contract is made on (date) between (name) of (address), and (name) of (address)

The parties agree as follows:

1. G is acting as Y's assurer of support with regards to Y's application for permanent residence.

As security to G, Y has supplied G with an amount equalling $10 000 .

G will return this amount of $10 000 to Y in full by (date) with the following conditions:

i) Y has received no benefits from Centrelink, nor obtained any financial support from G in the period up to this date.

ii) In the case that Y has received benefits from Centrelink or obtained financial support from G in the period up to this date, any amount claimed or obtained shall be deducted from the full amount of $10 000 required to be repaid to Y.

2. No modification of this Contract will be effective unless it is in writing and is signed by by both parties. This Contract binds and benefits both parties and any successors.

signed and dated by both y and v and witnessed by two non-relatives and a JP

Answer 1

Is this drawn up by a solicitor or not , who is ( G )
( Y) has supplied ( G ) which is very Questionable ? why supply that amount.

( G ) is imposing the conditions on ( Y ) which is not right.

I would get this checked out very thoroughly by a solicitor in Queensland as I think it is not a legal because of ( G ) imposing conditions on it.

Answer 2

How does G benefit from it?

Is G allowed to earn interest on that money?

If so then it probably would be legal but the one about it binding successors might get thrown out if tested.

Having it witnessed probably isn't really necessary as long as the contract is written up and signed.