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24thAug2020

First Home Buyers: Have you seen the new Government Initiative for your new home?

  • Article by: Samara Amadi

One of the biggest obstacles when looking to buy your first house can be saving a deposit. The Australian Government has released a new initiative called the First Home Super Saver Scheme which according to the governement is "designed to help first home buyers save up to 30% faster through voluntary super contributions."

Using this scheme, the maximum amount you can contribute to super for a home deposit is $30,000 and any super contributions you make must be within your annual contributions caps. From July 1, 2018, it is possible to apply to withdraw voluntary contributions made to super after July 1, 2017, for a first home deposit.

Because the money you're sending to super comes out before tax, you will find that the impact on your pay packet is less than you would expect. If you don't pay any tax, or very little, then there's likely to be little benefit in the First Home Super Saver Scheme for you.

If you are interested take a look at the Government’s online tool to see whether there are advantages in participating. Check out the calculator here.

 

 

 
Published: 24/08/2020
Author: Samara Amadi
Company: homeshelf.com.au
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