Best way to legally transfer real estate (house) from Grandparents to Grandchild? *IN AUSTRALIA (NSW)*?

What is the best way, legally and with least cost incurred for all parties for the transfer of ownership from a living Grandparent to a Grandchild? More then happy to investigate trusts and inheritance options in wills etc. I am concerned the capital gains and other taxes will be rather high…. Any ideas? Cheers in advance.
Hi, Grandparent has left home, and entered other living arrangements in a nursing home. Thanks for the tips so far, really appreciate it!

Is the house the principal place of residence of the Grandparents?
The house may be bequeathed upon the death of the Grandparents and will only attract CGT if it would otherwise be attracted.
If your Grandparents are in receipt of CentreLink benefits a gift may significantly effect their benefits.
Transfer the house at market value with a non-recourse loan, from the Grandparents, with the debt being forgiven upon the death of the Grandparents.
Allow the use at no cost and transfer if the beneficiary wishes to sell.

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