How To Use Your Super To Buy Your First Home

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In July 2017 the federal government introduced the First Home Super Saver Scheme. It was announced as part of the 2017-2018 budget. The scheme is designed to allow individuals to make additional contributions into their super accounts that can later be withdrawn to buy their first home.

The motivation for the First Home Super Saver Scheme is largely off the back of the Sydney and Melbourne housing booms of 2015, 2016 and 2017 when young home owners were just not on the same playing field as investors and were being outbid at auctions by huge margins.

The scheme is designed to allow first home buyers to make voluntary contributions of up to $15,000 per financial year, culminating in a maximum withdrawal of $30,000 as part of their deposit for their first home.

The contributions can be either; pre-tax personal contributions, salary sacrifice contributions or post-tax contributions.
To find out which is best for you, you need to talk to your accountant.

The advantages of the First Home Super Saver Scheme could be,
to boost the savings you can put towards a deposit by at least 30% compared with saving through a standard deposit account.
This is due to the concessional tax treatment and the potentially
higher rate of return often realised within superannuation.
Depending on your method of contribution they could be taxed at just 15%, rather than paying full tax on your income and then putting the money into a savings account.
You may also be able to decrease your taxable income into a lower bracket and save on end of financial year tax at the same time. Again this is something to discuss with your accountant.

Check out the example we give in the video to see how the First Home Super Saver Scheme could work in a real life situation.

The best advice is to be aware and informed of what is available and if it’s right for you.

Need more personalised information on your situation Call Me on 1300 INK 000 (1300 465 000).

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The information provided on this website has been provided as general advice only. We have not considered your financial circumstances, needs or objectives and you should seek the assistance of an Ink Wealth Pty Ltd advisor before you make any decision regarding any products mentioned in this communication. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither Ink Wealth Pty Ltd nor its related entities, employees or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information.
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Katherine Therese Euers is a Credit Representative (497712) of Vow Financial Pty Ltd, ABN/ACN 66 138 789 161, Australian Credit Licence 390261