Your guide to the First Home Super Saver Scheme (FHSS)

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In order to assist first home buyers in cracking the property market, in the 2017–18 Federal Budget the Australian government introduced the The First Home Super Saver (FHSS) scheme.

Using super as part of your deposit How does it work?

In order to assist first home buyers in cracking the property market, in the 2017–18 Federal Budget the Australian government introduced the The First Home Super Saver (FHSS) scheme. Many Australians are having difficulty saving for a house deposit due to the lack of housing affordability. The FHSS scheme is designed to give first home buyers a leg up onto the property ladder by providing another way to save for a deposit, aside from asking one’s parents for money, moving in with said parents, or giving up avocado on toast for weekend breakfast with the parents (unless they’re paying). From July 1, 2018 home buyers will be able to withdraw voluntary contributions made to their superannuation fund and put it towards a first home deposit. As with most government incentives, the scheme comes with its fair share of rules. Let’s break them down.

Any super contributions you intend to put toward a house deposit must have been made after July 1, 2017 (so in the past year)
The property you intend to buy must be one you live in or intend to live as soon as practicable
You can use the scheme to purchase an investment property, as long as you live in the property for at least six months of the first 12 months you own it
You can only contribute a maximum of $15,000 a year and $30,000 in total. The last point means that if you are planning to buy a house with a friend, family member or partner, you can combine your contributions so that the maximum you can contribute together from super saved is $60,000.

Will it work for me?

While surging property prices are unfortunately out of our control, many commentators are claiming the prospects for growth in the residential property market are the worst in 30 years. Morgan Stanley told The Australian Financial Review in April that National housing prices have fallen for the past six months and warned that annual growth is the lowest it’s been in more than five years. So there’s that, combined with the FHSS scheme and other deposit-saving hacks you can set your mind to, and things may be looking up for first home buyers. Book in a quick call with our customer care team.Read: Your guide to buying your first home Table showing "Hedonic home value index, March 2018" UNO is an online mortgage broker. The information above is general in nature, and you should always seek professional advice when making financial decisions. Book a call in with UNO

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I am writing this summary in support of recommending Mike Parsons as a Mortgage Broker. At the time of writing this, I have known Mike for 4 years and he has executed 4 mortgages deals for me (including 2 refinances) over that time. Mike has provided me incredible service as a mortgage broker as follows : - Works painstakingly on getting the scenarios together to provide you options that optimize your position. - Works inordinate hours on the detail necessary to support the scenarios. - Mike keeps you updated on the status and progress of the applications and also helps you work through answering questions and any complexities that may arise. -In my cases, given the complexities and timings of my situations , these application processes would take many weeks to finalize . Mike never gave anything other than utter commitment and focus to getting the job done. Mike acts as a true business partner throughout this whole broker /mortgage journey. I simply would only go to Mike for any future dealings on getting a loan from a bank (and as will my kids in the future !) . There is no way a bank (I have seen anyway) would provide this kind of time nor service to a customer. You can rest assured that once Mike has done the deal, you have ended up with the most optimized position taking into account all the variables/scenarios in play. Scott Hutchinson

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Your guide to the First Home Super Saver Scheme (FHSS)

Using super as part of your deposit How does it work?

Will it work for me?

UNO home loans

Need help with your home loan?

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