The First Home Super Saver Scheme means a couple can use $100,000 from their retirement savings – as long as they’ve made these extra contributions.
Q: We’re a couple planning to get married later this year. We’d like to buy our first home, and have super into which we have made some voluntary contributions under the. Can we each contribute $50,000 of these contributions if we come across a property we like before we are married, and what is our entitlement to use the scheme after we marry? Lizzie.
Crump says the scheme allows you to use your superannuation fund as a special savings repository into which you can contribute extra savings above any compulsory super contributions you receive as part your employment. Based on current property prices, average variable lending rates of about 6 per cent and banks testing borrowers with a 9 per cent theoretical serviceability ratio,The voluntary savings must be either personal savings or come from salary that you have decided to contribute towards your home deposit savings plan via your super fund.
Other rules that apply to the scheme mean neither of you must ever have owned property in Australia or accessed funds under the scheme before. Your super fund will forward that amount to the ATO and it will withhold any tax on the investment earnings before giving you the net amount. Crump says there are delays at each stage which you will need to consider when making the home purchase – the ATO suggests that the release process will take 15-25 business days.
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