First Home Super Saver Scheme
The Federal Government introduced the First Home Super Saver (FHSS) scheme to help people save for their first home.
You can make voluntary contributions into your super account, a maximum of $15,000 per financial year, with up to a total of $30,000 across all years. Then withdraw that money (voluntary contributions only) as a deposit on your first home.
To be eligible for release of the FHSS scheme you must:
- be aged 18 years or older;
- have never owned a property before in Australia;
- not be in the process of using FHSS to purchase other property; and
- have not requested a release of FHSS funds for a home purchase previously.
If you’ve previously owned property in Australia, and experienced financial hardship that resulted in a loss of ownership of a property, you may still be eligible to participate in the FHSS scheme (subject to approval from the ATO). You can apply for a ‘determination’ to the ATO to find out the maximum amount that can be released under the FHSS.
This is a sponsored advertising promotion by First Super Pty Limited (ABN 42 053 498 472, AFSL 223988) as trustee of First Super (ABN 56 286 625 181). This publication may contain general advice which has been prepared without taking into account your objectives, financial situation or needs. You should consult the Product Disclosure Statement (PDS) firstsuper.com.au/pds before making any investment decision. Before making a decision to combine your superannuation, you should consider any costs, change to insurance cover or loss of benefits that may apply and, if necessary, consult a qualified financial adviser. Past returns are not a reliable indicator of future returns. Content was accurate at the date of issue in July 2020, but may subsequently change. Please contact First Super on 1300 360 988 for updated information or to obtain a copy of the PDS. No commissions or fees are paid to NZ Relo as part of this promotion, apart from advertising costs.