Everyone needs a hand sometimes, whether it’s a workmate covering your shift or a friend helping you move house. But when it comes to hitting our financial goals, like saving up for a first home, it’s easy to feel like we are on our own.
Well no longer!
Meet the First Home Super Saver Scheme, a helping hand from the government to not just give your savings a boost, but to launch them into top gear. If you’re looking for a savings shortcut to your dream home, you’ve come to the right place.
Now before we dive in, let’s address the elephant in the room: what on earth is a First Home Super Saver Scheme (FHSSS)? A while back in 1987, the government created superannuation contributions. And boy were they super. Basically it was an agreement with your employer to pay part of your salary into a guaranteed retirement fund. On top of your employer contributions there were great tax savings and some pretty impressive returns. What wasn’t there to like about that! There was a catch though, all your funds were locked away until retirement. End. of. story.
Luckily, the FHSSS has arrived, and it’s loosening the shackles on your super savings. You’re still allowed to put money in your super account, up to $30 grand for this scheme (but only $15k in a single year), and claim all the tax savings and super returns (pun intended) you could want. Then, when you’re ready, you’re allowed to withdraw these funds – TAX FREE – from your super and use them for your first home deposit. A super saving scheme indeed 🙂