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A new bill intended to assist Australians to enter the housing market has passed through both houses in Parliament, increasing the maximum amount of voluntary contributions that can be released via the First Home Super Saver Scheme (FHSSS). Under the program, users can save money for their first home inside their super, which receives concessional tax treatment. They were able to save up to a maximum of $15,000 per financial year, until they hit an ultimate cap of $30,000. The new bill, named Treasury Laws Amendment (Enhancing Superannuation Outcomes For Australians and Helping Australian Businesses Invest) Bill 2021, has amended the Taxation Administration Act 1953 to increase the contributions maximum from $30,000 to $50,000.
Further, this legislation has also reduced the downsizer contribution eligibility age from 65 to 60. Under the scheme, eligible candidates are able to contribute up to $300,000 from the proceeds of selling their property into their superannuation. As per Treasury, the shift to downsizer contributions is intended to incentivise more older Australians to sell, “increasing the supply of larger homes for young families”.
A daunting but exciting prospect buying your first home .
Let me help gain you a pre-approval and take the worry out of your finance.
I will guide you through the whole process, liaise with solicitors, cost everything thoroughly , apply for your first home owners grant and help you with a debt reduction strategy .
If you don’t have a deposit ,, but have the capacity to borrow ,have a family member who is gainfully employed and has equity in their property , let me help show you how to save thousands of dollars avoiding unnecessary mortgage insurance premiums by completing a family guarantee loan.
This process involves allowing you to borrow up to 80% of your purchase price and the remainder 20% is secured by family members property. The family member will provide a guarantee against this loan portion only. The loans are all in your name .
Once you have built up sufficient equity, we can release this additional property and return security back to guarantor.