Are you saving for your first home? Finding it hard to save enough for that deposit? You could be eligible for the First Home Super Saver (FHSS) scheme, which was introduced in the Federal Budget 2017–18 to reduce pressure on housing affordability.
The FHSS scheme allows you to save money for your first home inside your superannuation fund. This will help first home buyers save faster with the concessional tax treatment of super.
From 1st July 2017 you have been able to make voluntary concessional and non-concessional contributions into your superannuation fund to be able to save for your first home.
From 1st July 2018 you can then apply to release your contributions, along with associated earnings on those contributions to help you purchase your first home.
You can use this scheme if you are a first home buyer and the following apply
- You are over 18 years old
- You either live in the premises you are buying, or intend to purchase it soon
- You intend to live in the property for at least the first 6 months of the first 12 months that you own it
You can apply to have the maximum amount of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released OR up to a total of $30,000 across all years. It is important to remember to notify your superfund if the contributions are being put into the superfund to save for your first home.
Find out more about this scheme here and please contact us should you have any queries about your eligibility.
This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. so please make a time to talk to our team or your financial planner about your situation and let us help you put your mind at ease about your Superannuation
Atticus Business Accountants is a Corporate Authorised Representative (number 1240492) of Merit Wealth, Australian Financial Services Licence 409361