- Posted By Sales Office
It's not easy saving for your first home however individuals will be able to apply to withdraw voluntary contributions made to super after 1 July 2017 for a first home deposit. Voluntary contributions include undeducted (non-concessional) personal contributions, deducted (concessional) personal contributions and salary sacrifice contributions.
Up to $15,000 of voluntary contributions made in a financial year count towards the amount that can be released. The maximum amount that can be released is $30,000 of personal contributions plus associated earnings. Concessional contributions and earnings that are withdrawn will be taxed at marginal rates less a 30 per cent offset. Further details of the amounts and types of contributions that can be made under this scheme can be found in the First Home Super Saver Scheme Fact SheetExternal Link.
NOW is a great time to buy with prices set at an affordable level and repayments similar to that in what you could be paying in rent. For more information on how you could own your own home for the same price you're paying in rent click here. Just see some of our current listings below for examples of how affordable mortgage repayments can be when compared to what you may already be paying in rent.