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.
This is when you make a contribution into your super using money from your regular bank accounts, post-tax.
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Money that is withdrawn under the FHSSS that were contributed as tax-deductible contributions are taxed based on your normal marginal rate, less a 30% tax offset, while amounts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
Why Choose Brisbane Home Loans
You're In Good Hands
Brisbane Home Loans is all about good old fashioned personal service without exception.
We Find The Right Deal For You
We take the time to listen to your needs and then search the market for the best products that satisfies your needs at the lowest possible cost to you.
We continue to work for you after the deal is finished, ensuring that we asess any new offers that become available which may improve your current deal.
One Stop Lending
We give our clients access to Personal Loans, Home Loans, Investment Loans and Commercial Loans. You always only deal with on person for all your lending services.
How We Work With Our Clients
We can meet clients in our office, in their home, their office or the local coffee shop. Our initial interview will helps us understand the clients needs in the short, medium and long term so that we can find the best possible lender for your loan.
The world of financing continues to be more and more complicated. Our Lenders have experience in finding the right product to meet the specific needs of each of our clients. During this phase, we identify two to three options that may be suitable.
Our Lending Specialists will present to you a number of options available outlining the differences, benefits and downfalls of each option presented. Our preferred option and reasons why, we consider this the best fit for you will be clearly explained.
Our Lending Specialists work with our clients to have all documentsation signed, submitted to the lending institution and processed through to approval.
We pride outselves on client service which is why our Lending Specialists establish a reasonable review timeframe where they touch base with our Clients to ensure everything is working as planned. During this review, the client is made aware of any new financing options in the market.
Brisbane Home Loans is not about one off loans. We truly care about our clients, which is why we stand by their side beyond the completion of the loan.
Being Our First Home It Was Great Having The Knowledge of Daniel & The team at Brisbane Home
We have been working with Daniel and the team at Brisbane Home Loans for the purchase of our first home, being first home buyers it has been great having the knowledge of Daniel & the team at Brisbane Home Loans to support us. We can’t thank them enough for their support and making themselves available to answer all of our questions. I’d highly recommend Brisbane Home Loans.
We Saved More Than 1% On Our Existing Home Loans
We didn’t realize how important it was to review our home load until we engaged with Daniel and Jordan at Brisbane Home Loans. They helped in submitting our application which resulted in a saving of over 1% in interest on our loans, plus a reduction in our on going bank fees. I would recommend this business and thank Daniel and Jordan for making the process so easy.
Sam and Nicky
It was Our First Home and We had No Idea. Thanks to The Team From Brisbane Home Loans
Daniel and the team at Brisbane Home Loans were super helpful and friendly to me as it was my first home loan and I had no idea! They answered all my questions and were very hardworking. Would definitely recommend to a friend.
They Made Buying Our First Home Easy and Fun. Thanks
The team at Brisbane Home loans have been super helpful and extremely professional to assist us with all our first home questions.
will be recommending them to everyone I know looking to buy!
Thanks for Helping me Turn my Dream into a Reality
Service was great, very informative and kept me up to date on all progress and all steps. Follow up after it was all done and dusted was also great. Took the stress out of it which was a great help for my busy life. I would totally recommend Dan and Jordan to anyone.
Thanks for helping me get my dream into a reality.
Car Loan Approved In Less Than 3 Hours – So Wrapped
I could not believe how quickly Jordan was able to organise my car loan. He was so helpfull and I am truly greatfull.