Understanding the First Home Super Saver Scheme
- You must be a first-time homebuyer.
- You must intend to live in the property for at least six months within the first 12 months of owning it.
- You must not have previously requested a release of funds under the FHSS Scheme.
- Tax Efficiency: The concessional tax treatment of super contributions can mean more savings.
- Compound Interest: Money saved in the super fund benefits from compound interest over time.
- Disciplined Saving: Having savings in a super fund can reduce the temptation to spend.
- Contribution Caps: There are limits to how much you can contribute and subsequently withdraw.
- Property Ownership Rules: The scheme is only for genuine first-time homebuyers.
- Withdrawal Process: It's important to understand the process and timing for releasing funds, which can be complex.
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The information on this website is General Information only and therefore does NOT take into consideration your personal financial situation, objectives and needs. Prior to acting on any information on this website you should consider what is appropriate for your own personal financial situation, objectives and needs. Aus Super Solutions is not associated or affiliated with any super funds, we aren’t a financial advisory firm, we do not sell financial products nor do we give financial advice. Our role is to connect clients with fully licensed financial advisors that operate compliantly under an Australian Financial Services Licence. Aus Super Solutions does not take in any way responsibility for any advice or recommendations provided by the financial advisors. Prior to acting on any advice provided by the financial advisor you should and can ask as many questions as you deem necessary to ensure you have received the right advice for your personal financial situation. All fees and costs must be clearly explained and after speaking with a referred advisor you are under no obligation to commit to any recommendations made nor cost payable to Aus Super Solutions should you decide against the advice provided. Before making any decisions regarding your super you should obtain the super fund’s Product Disclosure Statement (PDS) and consider its contents. However our goal and mission is to only recommend and connect clients with fully licensed financial advisors and firms with established, positive track records in enhancing and servicing their clients financial situation, objectives and needs.
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