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Super opportunity for First Home Buyers

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The ‘First Home Super Saver Scheme’ allows you to save for a deposit for your first home using your super account. Our financial planning partner, Bridges, explains the benefit of saving within your super.

The benefit of saving within your super is the concessional tax treatment of super which can help you save faster compared to a traditional savings account.

How does it work?

From 1 July 2017, you can make your own concessional and non-concessional contributions into your current super account to save for your first home. There is no need to open a special super account. 

From 1 July 2018, you can apply to the ATO to release these contributions, along with the earnings on the contributions, to fund the purchase of your first home when you’re ready.

Who is eligible?

To be eligible you must:

Money that can be released from your super account includes:

Note: The non-concessional contributions must be released before any concessional contributions. Also, super guarantee contributions, spouse contributions and government co-contributions cannot be released.

How much can you save?

The maximum amount you can contribute is:

Benefits

This scheme can benefit you if you make salary sacrifice or personal deductible contributions by:

You can learn more about the scheme from the Australian Taxation Office website, as well as make an appointment with a financial planner.

We’ve partnered with Bridges Financial Services to provide you with tailored financial advice to help you reach your goals. Bridges has been helping Australians with financial advice for 30 years.

As a valued Northern Inland member, the initial consultation with Bridges is complimentary, and obligation-free. Request an Appointment today

This information was provided courtesy of Bridges Financial Services Pty Ltd (Bridges). ABN 60 003 474 977 ASX Participant. AFSL No 240837 This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or consult a financial planner or a registered tax agent. Information is current at the date of issue July 2018 and may change. Part of the IOOF group