Your guide to the First Home Super Saver Scheme (FHSS)

In order to assist first home buyers in cracking the property market, in the 2017–18 Federal Budget the Australian government introduced the The First Home Super Saver (FHSS) scheme.

Using super as part of your deposit How does it work?

In order to assist first home buyers in cracking the property market, in the 2017–18 Federal Budget the Australian government introduced the The First Home Super Saver (FHSS) scheme. Many Australians are having difficulty saving for a house deposit due to the lack of housing affordability. The FHSS scheme is designed to give first home buyers a leg up onto the property ladder by providing another way to save for a deposit, aside from asking one’s parents for money, moving in with said parents, or giving up avocado on toast for weekend breakfast with the parents (unless they’re paying). From July 1, 2018 home buyers will be able to withdraw voluntary contributions made to their superannuation fund and put it towards a first home deposit. As with most government incentives, the scheme comes with its fair share of rules. Let’s break them down.

  • Any super contributions you intend to put toward a house deposit must have been made after July 1, 2017 (so in the past year)
  • The property you intend to buy must be one you live in or intend to live as soon as practicable
  • You can use the scheme to purchase an investment property, as long as you live in the property for at least six months of the first 12 months you own it
  • You can only contribute a maximum of $15,000 a year and $30,000 in total. The last point means that if you are planning to buy a house with a friend, family member or partner, you can combine your contributions so that the maximum you can contribute together from super saved is $60,000.

Will it work for me?

While surging property prices are unfortunately out of our control, many commentators are claiming the prospects for growth in the residential property market are the worst in 30 years. Morgan Stanley told The Australian Financial Review in April that National housing prices have fallen for the past six months and warned that annual growth is the lowest it’s been in more than five years. So there’s that, combined with the FHSS scheme and other deposit-saving hacks you can set your mind to, and things may be looking up for first home buyers. Book in a quick call with our customer care team.Read: Your guide to buying your first homeTable showing "Hedonic home value index, March 2018"UNO is an online mortgage broker. The information above is general in nature, and you should always seek professional advice when making financial decisions. Book a call in with UNO

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I have gone through 6 different mortgage brokers prior to meeting Andrew Wyers. He is the most patient mortgage broker I’ve encountered and also the most knowledgable about the bank’s lending process and products available. It took me 1 year to find a house I was happy with and Andrew was always there to assist with any issues or questions I had; he always return my phone call, even on the weekends or when his away on holidays. The loan process was smooth and I had no complications. The process with Andrew was again nice and easy, he took the time to find and put together the right package that was suited to my situation. I have recommended Andrew to my family & friends and everyone have been grateful and completely satisfied with his service.
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I had an outstanding experience with Tian Liu. He was incredibly professional and attentive, going above and beyond to meet my needs. His expertise and dedication made the entire process smooth and stress-free. Tian's deep knowledge of the market and commitment to finding the best solutions for his clients truly sets him apart. He was always available to answer my questions and provided invaluable guidance throughout. I highly recommend Tian Liu to anyone in need of a reliable and skilled broker!"
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Tian Liu provided exceptional service throughout the entire process. His professionalism and keen attention to detail were evident from the start. Tian consistently kept us informed and offered insightful advice that made us feel confident in our decisions. He truly cares about his clients and works tirelessly to ensure the best possible outcome. We couldn't be happier with his assistance and highly recommend Tian to anyone looking for a trustworthy and knowledgeable broker.
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I am so thankful and grateful to have Scott Wilkinson as my broker. He not only looked after me every step from start to finish he gave me confidence and I was able to trust him and his expertise. My children and I are now happy in our new home and very appreciative of Scott's help. I will definitely be only having Scott as my broker from here onward as there is no mucking around and straightforward answers. Thanks again
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Scott and the whole team at uno have been amazing. Super responsive and helped us achieve a result that we couldn’t have possibly achieved on our own.
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Scott, Dalby and Jena were awesome to work with for my recent Home Loan, they are responsive and knowledgeable - which helped ensure a smooth purchase from pre-approvals to settlement. This is the second property I've purchased with UNO as my mortgage broker and would definitely recommend their services. Thanks again to the UNO Team for the awesome support.
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I am writing this summary in support of recommending Mike Parsons as a Mortgage Broker. At the time of writing this, I have known Mike for 4 years and he has executed 4 mortgages deals for me (including 2 refinances) over that time. Mike has provided me incredible service as a mortgage broker as follows : - Works painstakingly on getting the scenarios together to provide you options that optimize your position. - Works inordinate hours on the detail necessary to support the scenarios. - Mike keeps you updated on the status and progress of the applications and also helps you work through answering questions and any complexities that may arise. -In my cases, given the complexities and timings of my situations , these application processes would take many weeks to finalize . Mike never gave anything other than utter commitment and focus to getting the job done. Mike acts as a true business partner throughout this whole broker /mortgage journey. I simply would only go to Mike for any future dealings on getting a loan from a bank (and as will my kids in the future !) . There is no way a bank (I have seen anyway) would provide this kind of time nor service to a customer. You can rest assured that once Mike has done the deal, you have ended up with the most optimized position taking into account all the variables/scenarios in play. Scott Hutchinson
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I've worked with Scott Wilkinson for my last 2 properties and he's been excellent. He sourced multiple options and didn't push a specific bank, tailoring his recommendations to me based on my requirements. I was specifically requesting a "medico loan" and Scott could navigate that extra requirement with expertise. When I was initially working with Scott, I was also trialling 2 other brokers and neither of those 2 had the same breadth of lenders, or could provide the same deals. I've referred multiple buyers to Scott and his team; one of them said to me after working with him, "how'd you find this guy, he's so good compared to all the other broker's I've worked with!" I'm going into my next purchase with Scott as my broker partner again. I recommend him to everyone
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