Posted on December 11, 2017
Did you know that as of 1st July 2018 first-home buyers will be allowed to use up to $30,000 voluntary superannuation contributions to place a deposit on a house or apartment? A new $250 million government scheme is on the way to assist the younger generations gain a foothold in the property market.
You can start making contributions right now to try and get a head start. First-home buyers will be able to withdraw a maximum of $30,000 of contributions beyond the 9.5% super guarantee, plus the earnings generated from those savings.
This policy is part of a series of new measures designed to improve housing affordability.
Many are speculating that this will cause property prices to rise as more and more people gain the ability to make a purchase on a home, making a more competitive market – especially within inner city areas where there is little the government can do to boost the supply of housing.
This scheme is definitely a step in the right direction, enabling savers to push extra money into their super at a generous tax rate will more than certainly assist in building a deposit more quickly than is currently possible.
You can read more about the government scheme here on the official website.
If you would like more information, please contact us on 1800 652 224 or make an enquiry.
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