Looking to buy your first home in here Australia? Then talk to our New Home Consultants about utilising the First Home Super Saver Scheme (FHSSS) to access up to $50,000 to go towards your new home in 2022.
Established in 2017, the FHSSS was created to help first home buyers get into the property market. When used in conjunction with Darren Walters’ no or low deposit new home system, the FHSSS provides an amazing opportunity to finally escape the rental nightmare.
Your first step should be finding out your factual options. Simply fill in our pre-qualification form and one of our New Home Consultants will be in touch to discuss exactly what you can or can’t do through Darren’s system. From there, we’ll guide you through the journey from renting, to homeownership.
What is the First Home Super Saver Scheme?
The FHSSS is a government scheme created to help first home buyers get into the market. By making voluntary contributions into your Super, you can then draw upon these once you begin the home buying process to act as a deposit or to cover legal fees and other costs.
Originally, the scheme had a withdrawal cap at a max of $15,000 per year, or a total of $30,000. However, to match with rising prices across the country, the government recently suggested raising this limit to a max of $50,000. These changes would come into effect July 1st 2022. Giving first home buyers who make voluntary contributions more options to get into their own home.
FHSSS Eligibility Criteria
Like all government schemes and grants, the FHSSS has a range of eligibility criteria that you’ll need to meet. Including:
- You must be 18 years or older
- Have never owned property in Australia
- Must be purchasing a residential property (or vacant land to build one on)
- Have not previously requested an FHSSS release
On top of these, you’ll also need to live in the property for 6 of the first 12 months of homeownership (or as soon as practical).
All of these criteria are assessed on an individual basis. So if you are looking to buy your first home with a partner, family member or friend, each of you can individually draw upon your Super to go towards the deposit of your first home. Assuming they meet the criteria of course.
Unlike other first home buyer schemes, the FHSSS is assessed on an individual basis. If your partner or other applicant has owned a property before, it won’t stop you from utilising the FHSSS yourself.
Whether you’re applying by yourself, or have multiple applicants all using the FHSSS, No1 Property Guide can help you achieve your homeownership dreams. Our New Home Consultants have experience working with all schemes and grants and can help you take advantage of them to increase your chances of approval.
Fill in our pre-qualification form and one of our New Home Consultants will be in touch to discuss how we can help you today.
Can I Withdraw all my Super?
Unfortunately, no. You’ll only be able to draw upon Super that you have voluntarily contributed to your Super fund. However, you can set up salary sacrificing to increase your Super contributions. The additional amount you put out of your pay each week will be eligible to go towards the FHSSS.
However, as we mentioned earlier, there is a limit to how much you can draw upon from a single year of contributions. The max you can withdraw from a single year is $15,000 currently. But this could go up when the maximum is raised to $50,000.
How Will I Know How Much I Can Withdraw for the First Home Super Saver Scheme?
The good news is that the government handles this for you! Before you can withdraw your Super, you’ll need to get a ‘determination’ from the ATO. You’ll do this through your myGov account.
This will tell you exactly how much you can withdraw under the scheme.
What if I’m Not Eligible for the FHSSS?
Don’t worry! Even if you’re not eligible for the FHSSS there are ways No1 Property Guide can help. Darren created his no or low deposit new home system to help renters escape the rental cycle once and for all. Using his unique system, he has helped thousands of renters become homeowners.
If you’re a first home buyer, you may be eligible for other grants outside of the FHSSS. Almost every state or territory has a First Home Owners Grant and a stamp duty concession. This can be another great way to increase your deposit and improve your chances of getting into your own home.
For those who’ve owned before, we can still help! Going back into the rental cycle after owning your own home can be devastating. But it doesn’t mean you’re stuck there forever. Darren’s specialised no or low deposit new home system isn’t just for first home buyers. We’ve helped hundreds of previous homeowners get back into the market.
Whether you’re a first home buyer, you’ve owned before, or you’re looking to invest, your first step is to discover your factual options. And the best method for that is to fill out our simple pre-qualification form. From there, our New Home Consultants can work out all your new home options and help get you into your home sooner.