First home buyers are being encouraged to take advantage of the Federal Government’s First Home Super Saver Scheme, which came into effect on July 1.
The scheme gives first home savers the ability to accelerate their savings by at least 30 per cent.
First home buyers will be able to save for a house deposit with their superannuation by making voluntary contributions of up to $15 000 per year and $30 000 in total into their superannuation account.
These contributions, which are taxed at the discounted rate of 15 per cent, can be withdrawn for a deposit from July 1 next year.
Withdrawals will be taxed at marginal tax rates less a 30 per cent offset.
‘‘This initiative demonstrates the Federal Government’s commitment to reducing the pressure on housing affordability . . . across the entire housing spectrum, including first home buyers,’’ Nationals Senator for Victoria Bridget McKenzie said.
‘‘With many Australians now entering the housing market later in life, this initiative will encourage first home buyers to save for a deposit more quickly.’’
For more information visit First home buyers can also get an indication of how the scheme can benefit them by visiting