First Home Buyers can now use more of their superannuation to buy a home with new changes to the First Home Super Save Scheme introduced by the Federal Government.
First-time buyers will now be able to increase their savings in the First Home Super Saver Scheme from $30,000 to $50,000, making it easier to save for the deposit to buy a home.
The changes have been made in the snappily named Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021, but despite its elongated title, it’s having an impact.
Almost 27,000 Australians have been using the scheme, which allows them to make voluntary contributions to their super that can later be used to buy a home. It’s meant that a total of $371 million has been released by the Australian Taxation Office to young home buyers since the scheme began in July 2018.
It makes sense for first-time buyers to consider entering the scheme as it bolsters your savings strategy by minimising tax and as your mortgage broker, I can help you assess your eligibility and get through any paperwork required to apply.
Understanding the latest legislative changes and how they can help get you into your first home sooner is part of the job of a good mortgage broker. I can also help you understand any other government programs available as most states also offer incentives that can help you to buy and identify the best loan to suit your personal circumstances.