First Home Super Saver Scheme

Federal Member for Wide Bay, Llew O’Brien, today encouraged first home buyers to take advantage of the Coalition Government’s First Home Super Saver Scheme, which came into effect on 1 July.

“This initiative demonstrates the Coalition Government’s commitment to helping first home buyers to save for their first home,” Mr O’Brien said.

“The First Home Super Saver Scheme will allow many people to save for a deposit faster than saving through a standard deposit account.”

The scheme, announced in this year’s Budget, will give first home savers the ability to accelerate their savings for a home deposit by at least 30 per cent.

First home buyers will be able to save for a house deposit within their superannuation by making voluntary contributions of up to $15,000 per year and $30,000 in total into their superannuation account.

These contributions, which are taxed at the discounted rate of 15 per cent, along with deemed earnings, can be withdrawn for a deposit from 1 July next year. Withdrawals will be taxed at marginal tax rates less a 30 per cent offset.

Further information on the First Home Super Saver Scheme is available at: http://www.budget.gov.au/2017-18/content/glossies/factsheets/html/HA_14.htm.

First Home Buyers can obtain an indication of how the scheme can benefit them by visiting: www.budget.gov.au/estimator