If you’re a young Aussie trying to buy your first home, you know exactly how hard it is to get your foot in the door … of the bank that is, not the potential property! But the federal government recently announced a new superannuation scheme that might just make it that little bit easier.
The First Home Super Saver Scheme
As the name suggests, the First Home Super Saver Scheme targets first home buyers. As of 1 July 2018, those who qualify can take out any voluntary superannuation contributions made after 1 May 2017 to put towards a deposit on their first home. Voluntary contributions include personal as well as salary sacrificed ones.
How you benefit
By using this scheme, you’ll get a considerable tax break so you can save up for that all-important deposit much faster. It may be a better alternative than getting taxed at your marginal rate and then putting whatever you can afford to save into a savings account – especially when you consider super fund returns are generally better than bank interest rates!
Getting further help to secure your first home
Still not sure if this scheme is right for you? We can help by looking at your numbers and discussing the options available to you so you’re well on your way to getting that dream home , rather than later!
Please remember you will need to check with your own fund and a super expert about how this may work for you.