Having Trouble Saving A Deposit For Your First Home?
First Home Super Saver Scheme (FHSSS)
Did you know the Federal Government has introduced the FHSSS to help Australians buy their first home. Under the scheme, you can make eligible voluntary contributions into your super account that you can then draw on to help purchase your first home.
Singles can contribute up to $15,000 per year, or $30,000 per lifetime limit to their superannuation. Couples can contribute up to $30,000 per year, up to $60,000 limit collectively.
Eligible voluntary contributions can be made from 1 July 2017, and along with investment earnings as determined by the Australian Taxation Office, can be withdrawn to purchase a first home from 1 July 2018.
Are you eligible?
- be aged 18 years or older,
- have never owned a property before, and
- have never previously requested a release authority in relation to a FHSSS determination.
Please note: If you have previously owned a home and suffered a financial hardship, you may still be eligible to participate in the FHSSS subject to ATO’s approval.
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