First Home Super Saver Scheme

First Home Super Saver Scheme.

2021-2022 Federal Budget Update:

The First Home Super Saver Scheme has been expanded to allow eligible first home buyers to release up to $50,000 of their superannuation to purchase a home, up from $30,000. The new scheme will begin from July 1, 2022.

Wanting to buy your first home soon but struggling to save a deposit? The First Home Super Saver Scheme could be your answer.

The first home super saver (FHSS) scheme was introduced by the Australian Government to reduce pressure on housing affordability.

The FHSS scheme allows you to save money for your first home inside your super fund. This will help first home buyers save faster with the concessional tax treatment of superannuation.

You can choose to salary sacrifice (before-tax) or make voluntary contributions (after-tax) up to the value of $30,000 to your super fund to save for your first home.

Remember to be mindful of how much money you are contributing as there are limits to how much you can contribute each year before you start paying extra tax. You can then apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home.

You can use this scheme if you are a first home buyer and both of the following apply:
• You will live in the premises you are buying, or intend to as soon as construction finishes.
• You intend to live in the property for at least six months within the first 12 months you own it.

You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. You will also receive an amount of earnings that relate to those contributions.

Already participate in the First Home Super Saver Scheme and ready to buy your dream home at the Avenues of Highfields? Click here to view our available land.