The Australian property market has been extremely buoyant over the past few years, which has made it an attractive choice for investors, however, it can also be challenging for first-time homebuyers to enter the market. This is where First Home Super Saver (FHSS) can assist – enabling first-time buyers to use their super account for the purpose of saving for a deposit.
Under the scheme, people can access up to 40 per cent of their super, with a cap of $50,000, to purchase a property. When the property is sold, the 40 per cent is returned to the superannuation account along with any associated capital gains.
The scheme will apply to both new and existing homes with the invested amount to be returned to their superannuation fund when the house is sold, including a share of any capital gain.
Get more information on the First Home Super Saver Scheme by reading the Key Fact Sheet: