Further Savings With “First Home Super Saver Scheme” (FHSS)
A big hurdle for First Home Buyers that has prevented them from entering the market has been helped by the Federal Governments introduction on the 1st of July 2017, of the First Home Super Scheme (FHSS)
The FHSS scheme allows first home buyers to make additional voluntary contributions to their super, through pre-tax salary sacrificing or post-tax contributions, up to $15,000 per year, capped at $30,000. These are additional contributions above the compulsory 9.5% employer superannuation guarantee.
Contributions must be in addition to the Superannuation Guarantee contributions made by your employer which continue to be preserved until retirement age.
The scheme can only apply to the purchase of a property you are currently living in or intend to live in as soon as practicable and you must live in the property for a minimum of 6 months of the first 12 months you own it, from the day you move in.
Super Saver scheme applies to all Australian who are seeking to purchase their First Home.
Voluntary contributions are taxed at a lower rate compared to income, allowing first-home buyers keep more of their money and save faster. Applicants are also entitled to access any earnings on their extra contributions.
TIP FHSS applies to each individual, allowing both spouses or partners to make equal contributions and expedite the saving of a deposit.
First Home Buyers can use this scheme if both of the following apply:
- You either live in the premises you are buying or intend to as soon as practicable; and
- You intend to live in the property for at least six months within the first 12 months you own it, after it is practical to move in.
If you plan to use the scheme, there are several important factors to consider:
- You must apply for and receive a FHSS determination from the Tax Office before signing a contract on your first home or making the application to release your FHSS savings;
- Once a valid request has been made, you can sign a contract to either purchase or build your home;
- You can only apply to release your FHSS savings once; and
- Once you make a valid request for release of your FHSS savings, you have 12 months to sign a contract or build a new home.
The information provided is a simple guide to give you some background. For detailed accurate information, on the First Home Super Save Scheme follow this link, directly to the ATO website. https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-scheme/
Why Choose Brisbane Home Loans
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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.
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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.
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I could not believe how quickly Jordan was able to organise my car loan. He was so helpfull and I am truly greatfull.