Your guide to the First Home Super Saver Scheme (FHSS)

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In order to assist first home buyers in cracking the property market, in the 2017–18 Federal Budget the Australian government introduced the The First Home Super Saver (FHSS) scheme.

Using super as part of your deposit How does it work?

In order to assist first home buyers in cracking the property market, in the 2017–18 Federal Budget the Australian government introduced the The First Home Super Saver (FHSS) scheme. Many Australians are having difficulty saving for a house deposit due to the lack of housing affordability. The FHSS scheme is designed to give first home buyers a leg up onto the property ladder by providing another way to save for a deposit, aside from asking one’s parents for money, moving in with said parents, or giving up avocado on toast for weekend breakfast with the parents (unless they’re paying). From July 1, 2018 home buyers will be able to withdraw voluntary contributions made to their superannuation fund and put it towards a first home deposit. As with most government incentives, the scheme comes with its fair share of rules. Let’s break them down.

Any super contributions you intend to put toward a house deposit must have been made after July 1, 2017 (so in the past year)
The property you intend to buy must be one you live in or intend to live as soon as practicable
You can use the scheme to purchase an investment property, as long as you live in the property for at least six months of the first 12 months you own it
You can only contribute a maximum of $15,000 a year and $30,000 in total. The last point means that if you are planning to buy a house with a friend, family member or partner, you can combine your contributions so that the maximum you can contribute together from super saved is $60,000.

Will it work for me?

While surging property prices are unfortunately out of our control, many commentators are claiming the prospects for growth in the residential property market are the worst in 30 years. Morgan Stanley told The Australian Financial Review in April that National housing prices have fallen for the past six months and warned that annual growth is the lowest it’s been in more than five years. So there’s that, combined with the FHSS scheme and other deposit-saving hacks you can set your mind to, and things may be looking up for first home buyers. Book in a quick call with our customer care team.Read: Your guide to buying your first home Table showing "Hedonic home value index, March 2018" UNO is an online mortgage broker. The information above is general in nature, and you should always seek professional advice when making financial decisions. Book a call in with UNO

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Nadine Steffens

April 19, 2024

Scott and the team at Uno are absolutely 💯 amazing. I don't think I could have done my loan on my own. They are highly motivated and I do recommend them.

Andrew

April 16, 2024

Dealing with Scott Wilkinson was an absolute delight. Scott is tenacious, hard working and readily available. He made a very stressful process for me and my partner smooth sailing. Would highly recommend.

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Amy and her team were efficient and knowledgeable as our broker. They were easily contactable and ensured all our needs were met.

Mike Vincent

April 10, 2024

Andrew is the best broker I have worked with and one of the few people who understands the investment journey from both a personal and professional standpoint. Andrew is an asset to anyone from a first home buyer to a seasoned investor.

Yu Su

April 9, 2024

Amy was very help and quick respond when I have questions. Really recommended.

John Cahill

March 7, 2024

Scott Wilkinson was my broker last year when I sought finance for a new property investment and refinance for my property port folio. He was an absolute delight to work with. He was always professional, on time and always available to talk at a moment's notice to discuss my credit options and give well considered advice; usually this was very much after-hours due to my work commitments during the day. He was always happy to talk. I had not used a mortgage broker in a long time opting to do the re-financing myself. This was primarily due to disappointing experiences I'd had with mortgage brokers in the past. However with the increasing complex nature of dealing with credit providers, I could see that I needed a good advocate to act on my behalf for this particular refinance. In all honesty I did not hold much hope that in the current credit environment I would be able to secure the finance I required for the new property investment I was wishing to secure. Scott found a way however and was able to secure the finance along with the refinance of my portfolio. I have since referred friends to Scott and I know they have been very happy with his work. He is ideal for property investors who have busy day-jobs and need someone who understands property investment strategy and is able to tailor credit advice and options to their needs. Scott provides this advice and information in a way that is clear and concise. He kept me up to date continually during the application process. He made what could have been a very stressful and frustrating process easy and straightforward. I could not recommend Scott and the team at UNO Home Loans more highly. They are all a delight.

Sally Mackenzie

February 19, 2024

We chose Uno Home Loans from their impressive web site knowing we were going to find it hard, on many fronts, to qualify for a home loan. We were incredibly fortunate to be assigned Mike Parsons as right from the get-go, despite the complexities, he hit the ground running for us. He was incredibly knowledgeable, with years of experience but what was immediately apparent and impressive was that he was totally invested in getting us over the line, doing absolutely everything possible, including working around the clock. Despite it being a relatively small loan in the order of things, Mike never missed a beat, getting docs ready, following up and answering every request from the proposed funder immediately. He kept us informed on progress the minute anything happened, and again if anything needed to be done, he was right on it. In short, we highly recommend Uno, and Mike, knowing what a remarkable job he did, over many weeks, to get us our loan. He got us a great deal, with far better rates than we expected, so we couldn't be happier. In fact, without doubt, you'd be hard pressed to find a more personable, sharp, hard working, dedicated professional who clearly prides himself on getting his customers standout results.

Rod

February 13, 2024

Scott and his team were just A-mazing. We felt supported through the whole process with the greatest quality and care. Every question answered right in time, or even before we asked. The process was smooth and we got the best outcomes we could have wished for.

Angela Biddle

February 6, 2024

Our mortgage recently came up for renewal, and with interest rates skyrocketing we were looking for ways to minimise the impact. Michael and his team were proactive and attentive. Michael spent time with us to understand our circumstances. He found mortgage options that worked with our current financial situation and longer investment plans. He presented clear options, providing guidance where needed. He and his team were helpful and responsive - streamlining the process and keeping us updated through the negotiations. In the end, Uno did the heavy lifting and secured a significantly better rate than our current bank offered, all with friendly, personal service. We would highly recommend UNO Home Loans.

Fotis Bikas

January 15, 2024

I cannot help but congratulate Scott Wilkinson of UNO Home Loans for being an absolute credit to both his company and the entire loans industry. Scott is a truly rare gem of a broker in that he will not only go the extra mile to achieve for each customer the very best deal, but his knowledge of all and sundry within the industry is unsurpassed (you will see what I mean if you speak to him). Additionally, Scott has a clear passion for imparting his wealth of information with each customer, whereas the conversation with most other brokers would simply be over if they could not get you the best deal. For me, Scott Wilkinson of UNO Home Loans stands head and shoulders above the competition and I feel privileged to benefit both from his expertise and professionalism whenever it is time for a refinance or new loan.