The dream of home ownership just became a little easier. From 1 July 2017, those looking to buy their first home will be able to make voluntary contributions into their superannuation of up to $15,000 per financial year ($30,000 in total) to save for their deposit.
Under the new First Home Buyers (or FHB) “Super” savings scheme, these first-home savers can then withdraw contributions for a home deposit (plus their deemed earnings) from 1 July 2018. Couples will be able to both access the scheme and combine savings for a single deposit.
The FBH scheme comes off the back of the March announcement that stamp duty will be abolished for first home buyers for purchases below $600,000. Upon announcing the changes, Treasurer Tim Pallas said:
“These initiatives are important steps towards ensuring today’s families and future generations will be able to afford somewhere to live.”
For more information click here: http://bit.ly/tp_stampduty
For the majority of Australians, entering the housing market later in life is the norm. With increased house prices comes increased difficulty of being able to save for a deposit, this is where the First Home Super Saver Scheme comes in.
For most people, the scheme could boost the savings they can put towards a deposit by at least 30 per cent compared with saving through a standard deposit account. The First Home Super Saver Scheme will be administered by the ATO, which will determine the amount of contributions that can be released and instruct superannuation funds to make these payments accordingly.
For more information go to https://bit.ly/305MqPt
Thornhill Park will keep purchasers abreast of any new information or updates when it becomes available.