ATO website from Why not get on board?
With median house prices upwards of mr green casino askgamblers 1 million in Sydney and Melbourne metro, you need more than 100,000 as a deposit to get into a property.
Essentially, youre using super to buy a house but the problem is that these contributions are capped and dont go far enough as a true no deposit solution.Its no secret that saving for a house is tough.Can I use super to buy a house?Theres another reason why the scheme doesnt go far enough.Since, you have been permitted to withdraw these funds at your marginal rate (including the Medicare levy) minus a 30 tax offset.This new scheme sounds good on paper but the fact is that it doesnt allow you to save a big enough deposit.Just note that contributions to a defined benefit fund or constitutionally protected fund are not eligible.What happens when youre ready to buy?Find out your total superannuation fund balance.First Home Super Saver Scheme estimator.Discover the total fees youll pay.Ultimately, the tax benefits of the super saver account predominantly benefit high income earners who are already in a better position to save a deposit than low income earners.
Tapping into the fhsss could mean youll build up the money for your first home deposit faster.
Apply for a home loan Using super to buy a house has not passed the Parliament.
Voluntary concessional (before tax) and non-concessional (after-tax) super contributions you have made to your superannuation since can count towards your deposit to buy a property.
Theres a new way to save, and its called the Governments new.
Its not a good indiciation that youre financially responsible.