FHB Help Arrives From September 15, first-home buyers will be able to save a home deposit through their superannuation fund.
Access to the Federal Government’s First Home Super Saver Scheme will begin almost a year after the introduction of legislation to enable it.
The scheme allows first-home buyers to pay voluntary contributions into their superannuation fund to save money for their first home deposit.
Those using it can salary sacrifice, which means their savings are being put into superannuation before they are taxed, as opposed to banking after-tax dollars.
The voluntary contributions can then be released, up to a limit, (along with associated earnings) to help purchase a first home.
Contributions released under the scheme can be used to buy a new or existing home in Australia.
Participants can have a maximum of $15,000 of voluntary contributions from any one financial year included in the eligible contributions to be withdrawn under the scheme.
Home buyers are not able to access the funds their employer has paid into superannuation, only their own voluntary contributions.
