Learn how the FHSS scheme can help you

Here’s how the First Home Super Saver Scheme can help you

Getting into the property market can seem like an insurmountable task for most first home buyers.

But, with the help of the First Home Super Saver (‘FHSS’) scheme (introduced by the Federal Government in a bid to reduce pressure on housing affordability) you now have another option to get your foot in the door.

Here’s what you need to know:

WHAT IS THE FHSS SCHEME?

The scheme allows you to save for a deposit on your first home by putting extra money into your superannuation and taking advantage of the interest and tax benefits associated with super.

You will save for a deposit faster, as the money inside super is taxed at a lower rate and accrues interest at a higher rate than money in the bank.

Under the scheme, you can take out a maximum of $30,000 (plus earnings) and put it towards your first home.

WHO CAN BENEFIT FROM THE FHSS SCHEME?

Anyone over the age of 18, who has never owned property in Australia before (this includes vacant land).

As the FHSS scheme is an initiative of the Federal Government, you may even be able to take advantage of the Queensland First Home Owners Grant at the same time.

For more information, visit the ATO website or call 13 28 65.

The information in this article is provided for general information purposes only and does not constitute financial advice. You should consult with a registered financial advisor if you think this information relates to you.