The first home Super Saver Scheme can be accessed by first home buyers and allows you to save money inside your super fund. To find out more information listen in as Kirsty and Georgie discuss.
What is the First Home Super Save Scheme?
The First Home Super Save Scheme (FHSSS) aids Australians over the age of 18, in building a deposit for their first home. You build your deposit inside of your superannuation with the benefit of a tax cut.
What are the tax benefits?
Superannuation pre-tax contributions are taxed at a rate of 15%; outside superannuation savings are taxed at your marginal rate, which can reach 48.5%.
Superannuation shields after-tax contributions from further taxation because they have already been taxed outside of it.
How does the Scheme work?
First home savers are able to add additional funds to their superannuation accounts, this can be up to $15,000 per financial year. You are then able to withdraw that money as a deposit on your first home. $50,000 is the maximum amount you can withdraw and contribute to the FHSS over years to use as the deposit on the first home you purchase.
A few helpful links:
For a handy link to read further about the Super Saver Scheme click here.
For a simple handout to read on Understanding the First Home Super Saver Scheme click here.
For a blog on how much we suggest to have as a deposit click here.
For an example of what you can expect your MyGov account to look like once you’ve started saving extra into your super click here.