A new survey commissioned by the Gateway Bank revealed that more than half of Australians are missing out on the benefits of the First Home Super Saver Scheme (FHSSS).
In a survey of 1,000 Australians, only 1% were able to correctly identify the components of the scheme while only 45% are aware of the initiative.
FHSSS was introduced by the Australian government last year to ease the pressure on housing affordability. It allows first-home buyers to save money inside a superannuation fund.
Amongst generations, Baby Boomers are most likely to be aware of the scheme, followed by Millennials and Gen Xers.
About the FHSSS
From 1 July 2017 you can make voluntary concessional (before-tax) and non-concessional (after-tax) contributions into your super fund to save for your first home.
From 1 July 2018 you can then apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home. You must meet the eligibility requirements to apply for the release of these amounts.
This scheme is suitable for first home buyers if:
you either live or intend to live in the premises you are buying as soon as practicable
you intend to live in the property for at least six months of the first 12 months you own it, after it is practical to move in.
You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. You will also receive an amount of earnings that relate to those contributions.
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