Use your Super for your first home!

TL;DR

The Super Saver Scheme allows first home buyers in Australia to contribute funds into superannuation and withdraw them later for purchasing or building a new home.

Transcript

g'day my name's Ashley and today I'm going to introduce you to the first home of Super Saver scheme it's been introduced by the Strang government in our last federal budget and it's to help ease the pressure on housing affordability so the whole concept is you can contribute funds into superannuation and then have access to it to purchase or build ... Read More

Key Insights

• 👪 The Super Saver Scheme aims to make housing more affordable for first home buyers.
• 💗 Eligible individuals can contribute funds into superannuation to grow their deposit, taking advantage of the concessional environment.
• 👻 The scheme allows withdrawals of up to $30,000 from superannuation for purchasing or building a new home.

Questions & Answers

Q: Who is eligible for the Super Saver Scheme?

To be eligible, individuals must be Australian citizens, over 18 years old, and have never owned a house before.

Q: What are the contribution options and caps for the scheme?

There are two types of contributions: concessional (tax-deductible) and non-concessional (after-tax income), with annual caps of $25,000 and $100,000 respectively.

Q: How much can be withdrawn from superannuation for purchasing or building a new home?

Individuals can withdraw up to $15,000 per financial year's worth of contributions or a maximum of $30,000 over all years' worth of contributions.

Q: What happens if the funds are accessed but no property is purchased or built within 12 months?

In such a case, individuals have the option to apply for an extension, put the funds back into superannuation, or retain the funds with a tax implication.

Summary & Key Takeaways

• The Super Saver Scheme helps ease housing affordability by allowing eligible individuals to contribute funds into superannuation for purchasing or building their first home.

• To be eligible, individuals must be over 18 years old, Australian citizens, and never have owned a house before.

• Contributions can be either concessional (tax-deductible) or non-concessional (after-tax income), with annual caps of $25,000 and $100,000 respectively.