Budget 2017 Support for First Home Buyers
The Government announced more support for First Home buyers in its recent 2017 budget announcement.
We’ve summarised the headlines of the First Home Super Saver scheme below to help you consider this as part of your plan to get on the housing ladder.
Eligible buyers will be able to divert their pre-tax income towards a First Home allowance within their Super Account to pay for a deposit on a first house or apartment.
Many employees will be able to take advantage of salary sacrifice arrangements to make pre-tax contributions into their superannuation account over and above their compulsory superannuation deposits.
Due to the lower tax rate applied to Super contributions, this could boost the savings you can put towards a deposit compared to saving through a standard deposit account.
- These additional saving contributions can be made from July 1st 2017
- Savers can use their existing Super account
- Contributions will be taxed at the 15% Super rate
- Additional Super contributions for first home deposits will be limited to:
- $30,000 per person in total
- $15,000 per year.
- Withdrawals will be allowed from July 1st 2018
- Withdrawals will be taxed at the saver’s marginal rate, less 30 percentage points
Support for First Home Buyers
If you’re a first time buyer, please contact me for an obligation-free chat about your plans and circumstances. I’ll make sure you’re aware of any relevant grants and programs and explain the different loan products available to help you secure that all-important first home.
Check out my information for First Home Buyers.
For more information on the First Home Super Savers Scheme visit the ATO.