Looking to buy your first home but struggling to save the deposit? You can maximise your savings for your first home through super.
The Government’s First Home Super Saver (FHSS) Scheme is designed to help Aussies save for their first home through their super account, taking advantage of the concessional tax treatment within super.
How does it work?
First home buyers who have never owned a property in Australia can make voluntary contributions (e.g. salary sacrifice or after-tax contributions) into their super account. These contributions can be withdrawn and put towards a home deposit at a later date.
How much can I contribute?
You could make voluntary contributions of up to $15,000 per year, and up to $30,000 in total, to your super account.
Your employer contributions do not count and contributions caps still apply. There may also be tax applied when you withdraw your contributions.
If you’re interested, start by checking your eligibility at ato.gov.au/fhss. If you’re eligible and want to get started, you can start making voluntary contributions into your AustSafe Super account.
For more information, visit austsafe.com.au/memberhub.