First Home Super Saver Scheme

Budgeting can be hard for some, and the notion of saving a few thousand dollars for your first home can seem impossible. Luckily, there is the First Home Super Saver Scheme!

If you are looking to buy your first home and could use a little help getting started on saving for your deposit, the First Home Super Saver Scheme could be just what you need. We will guide you through everything you need to know about the scheme so you can walk away with a little more peace of mind.

So, let’s get started!

What is the First Home Super Saver Scheme?

The First Home Super Saver Scheme (FHSSS) is a government initiative made to assist you in saving up for your first home.

Under FHSSS, first home buyers who make voluntary super contributions of up to $15,000 per financial year, can withdraw these amounts to help with a deposit on their first home.

If you’re eligible, you can apply for the scheme through the Australian Taxation Office (ATO) and withdraw roughly $30,000 to put towards your new home.

What is a voluntary super contribution?

Voluntary super is any additional money you put into your superannuation account about what your employer puts in on your behalf. There are a few ways you can voluntarily contribute to your super.

After-tax Contribution

This is when you make a contribution into your super using money from your regular bank accounts, post-tax.

Tax-deductible Contribution

These are similar to after-tax contributions, however you are able to claim a tax deduction on these in your tax return.

Salary Sacrifice Contribution

This is where you opt to have a portion of your pre-tax income paid into your super account by your employer.

This is an additional amount to what your employer would ordinarily deposit under the Superannuation Guarantee.

Why Use the Super Saver Scheme?

The aim of the FHSSS is to assist First Home Buyers to grow their deposit quicker, whilst also potentially reduce their tax.

Money that is withdrawn under the FHSSS that were contributed as tax-deductible contributions are taxed based on your normal marginal rate, less a 30% tax offset, while amounts contributed post-tax are not subject to additional tax.

The scheme will definitely help you in saving more, but it is important to remember you should try to combine the scheme with other savings you have accumulated as well.

What Are the Conditions of FHSSS?

  • You must purchase a residential property, including a land and build package
  • You will need to buy or build your home within 12 months of withdrawing your super. You can apply for an extension up to 24 months if needed
  • Once your home is able to be occupied, you must live in the property for at least 6 months
  • If you happen to use less of your super than you withdrew, then the remaining funds must be deposited back into your account, or you may incur a penalty
  • Voluntary super contributions are capped at $25,000 per year, however, under the FHSSS scheme, you are only allowed to contribute $15,000 per year

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