FIRST HOME SUPER SAVER SCHEME - MORTGAGE BROKER
The First Home Super Saver scheme is another government backed initiative to help first home buyers save a deposit to go towards purchasing their first home.
There are 2 ways of utilizing the first home super saver scheme
SALARY SACRIFICE
You are able to arrange with your employer (If available) to salary sacrifice your income to your FHSS. The benefit of this is that your income before it is taxed is deposited into your FHSS, meaning that you will only be paying the super tax rate on those funds.
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ADDITIONAL SUPER REPAYMENTS
You are able to make additional super contributions under the FHSS that will go directly towards your FHSS balance.
The amount you are able to contribute to this scheme per year is $15,000 up to a total amount of $50,000
Once you have a found a property you are then able to get a determination letter from FHSS to let your lender know that you have these funds available for use towards making your first home purchase.
The funds can take up to 28 days to become available so it is recommended to get straight onto this when you have found a property to avoid any delays with settling on your new purchase.
You can find more information on the FHSS here
If you would like to learn more about this scheme or to talk about how a mortgage broker will be able to assist you with purchasing your first home please contact us
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