{"id":8542,"date":"2018-04-11T07:29:51","date_gmt":"2018-04-11T07:29:51","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/decoding-the-first-home-super-saver-scheme\/"},"modified":"2018-04-11T07:29:51","modified_gmt":"2018-04-11T07:29:51","slug":"decoding-the-first-home-super-saver-scheme","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/decoding-the-first-home-super-saver-scheme\/","title":{"rendered":"Decoding the First Home Super Saver Scheme"},"content":{"rendered":"

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The First Home Super Saver (FHSS) Scheme allows homebuyers to access their superannuation fund in order to buy their first home.<\/strong><\/p>\n

This is good news for first homebuyers across Australia, especially as one of the hardest parts of getting on the property ladder is saving up a big enough deposit. The FHSS scheme will help you fast-track this often slow and arduous process, which is especially positive news for younger buyers, who see buying a property as paving the way for a secure future.<\/p>\n

It\u2019s also an unprecedented move\u00a0\u2013\u00a0<\/span>up until now it\u2019s not been possible to tap into your super prior to retirement.<\/p>\n

In a nutshell<\/h2>\n

Introduced by the Australian Government in the Federal Budget 2017\u201318 to help tackle housing<\/a> affordability, the scheme allows you to save faster by benefitting from the concessional tax treatment within your super fund.<\/p>\n

You can now make voluntary concessional (before-tax) and non-concessional (after-tax) contributions into your super fund to save for your first home. This came into effect on 1\u00a0July 2017. From 1\u00a0July 2018 you can apply to release your contributions, along with associated earnings, to help buy your first home.<\/p>\n

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The Property Couch duo welcome the FHSS scheme as a great bit of news for first homebuyers. Picture: Supplied<\/p>\n<\/div>\n

So, who is eligible?<\/h2>\n

Super contributions can be made from any age. You can contribute into any super fund and you can pay into more than one fund if you want to, but it\u2019s not possible to access funds<\/a> under the FHSS scheme until the age of 18.<\/p>\n

Eligibility for the scheme is assessed on an individual basis, which means that couples, siblings or friends can each access their own eligible FHSS contributions to buy the same property. In this instance, anyone who\u2019s previously owned a home will not stop anyone else who is eligible from applying.<\/p>\n

To be eligible you must also:<\/strong><\/p>\n