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If you're struggling to get into the housing market, you might not realise that you can use eligible superannuation savings for a house deposit. While it’s not possible to use your entire superannuation savings, the First Home Super Saver Scheme (FHSSS) allows you to withdraw an eligible portion of your super contributions to help you buy your first home.
First home buyers can now use super for a house deposit. In 2017, the government introduced the FHSSS to reduce pressure on housing affordability in Australia. The FHSSS aims to help give Australians a leg up in the property market by allowing you to withdraw a portion of some of the voluntary super contributions you have made to your super from 1 July 20171.
First home buyers can access up to $15,000 in super (plus any associated earnings) per year, with a maximum of $30,000 per person across all years2. For couples, this means up to $60,000 of voluntary contributions could be used.
Benefits of FHSSS may include:
While there are certainly some benefits of the FHSSS, this scheme is not for everyone and it does come with a set of conditions you must meet first.
You may be eligible to be part of the FHSSS if:
Stay up to date with any changes to the scheme on the Australian Taxation Office’s (ATO) website.
Creating a retirement strategy can look different for everyone. If you are considering using your super for a house deposit as a first home buyer – by accessing some of the voluntary contributions you made, it may be worth weighing up your options and seeking professional financial advice.
First Home Super Saver Scheme: Add extra to your super and buy your first home sooner.
Find out how
1. Subject to eligibility and conditions. These contributions must be within existing contribution caps.
2. https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/First-Home-Super-Saver-Scheme/, Australian Taxation Office website, accessed 13 January 2020
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