Super Saver Scheme - What Is It?
The Federal Government caused a stir a few months ago by announcing that from 1 July next year, they want first home buyers to be able to take money from their superannuation to put towards a deposit. A lot of people say this is only going to cause more problems than it solves, so today we’re looking what it means for you.
What Is It?
From 1 July 2018, you can draw from any voluntary super conzotributions made after 1 July 2017 to help you make a deposit for your first home.
Voluntary contributions are things like money you’ve paid into your super by choice, or money taken from a salary sacrifice plan you’ve agreed to.
What’s the Catch?
First of all, the amount you can draw from is capped at $15,000 per year, or $30,000 over two years, and estimates have said the average buyer would only be about $2,500 better off than if they hadn’t taken from their super.
Also, superannuation is essentially a long-term investment, so taking out from your super early on could have a big impact down the road.
What Should I Do?
For the moment, it’s best to wait and see. This is all still just a proposal at the moment, so we just can’t say what affect it will have until it’s actually implemented. Your super is important, but a property can be the biggest investment of your life, so you’ll need to weigh up what you think will have a bigger payoff down the road before committing.
Of course, you can always ask us for our expert opinion on what works for your personal circumstances. At LJ Hooker Sunnybank Hills, we work with some of the best finance officers in the business, and we can help you find the right loan for you, no matter your situation, so talk to us today.