Is the First Home Super Saver Scheme acceptable as genuine savings?

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Roger G
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Joined: Tue Mar 26, 2019 1:22 pm

Is the First Home Super Saver Scheme acceptable as genuine savings?

Postby Roger G » Tue Mar 26, 2019 1:47 pm

Hi, I’ve been making salary sacrifices under the FHSSS. I’m planning to use the $20,000 from the scheme plus the $30,000 held in my savings account as the deposit for a house. I just want to confirm whether the FHSSS is acceptable as genuine savings.
Can you give me a definitive yes or no answer?

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Otto Dargan
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Re: Is the First Home Super Saver Scheme acceptable as genuine savings?

Postby Otto Dargan » Tue Mar 26, 2019 3:17 pm

Hello Roger G. Welcome to the forums.

Under the First Home Super Saver Scheme (FHSSS), salary sacrificing will likely be accepted as genuine savings since you’re essentially making regular contributions from your pay.

So, yes your combination of FHSSS and bank savings may be accepted, however, since the scheme is relatively new, I don’t think many lenders are ready to handle these yet.

Give us a call on 1300 889 743 or fill in our free assessment form to find out with which lenders you qualify for a home loan.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Roger G
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Joined: Tue Mar 26, 2019 1:22 pm

Re: Is the First Home Super Saver Scheme acceptable as genuine savings?

Postby Roger G » Tue Mar 26, 2019 6:31 pm

Ok. So, what if I can’t find a property right away? What happens to the funds I pulled from the scheme?

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Otto Dargan
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Re: Is the First Home Super Saver Scheme acceptable as genuine savings?

Postby Otto Dargan » Tue Mar 26, 2019 6:48 pm

Hi Roger G,

If you can’t find a property and/or don’t sign a Contract of Sale within the first 12 months, you have the option to recontribute the release amount back into your superannuation.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Roger G
Posts: 3
Joined: Tue Mar 26, 2019 1:22 pm

Re: Is the First Home Super Saver Scheme acceptable as genuine savings?

Postby Roger G » Tue Mar 26, 2019 7:30 pm

Our rental lease term is ending at the end of April. So, we’ll be looking to finish our purchase around that time. What are some additional costs involved with completing the purchase?

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Otto Dargan
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Location: Sydney, Australia
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Re: Is the First Home Super Saver Scheme acceptable as genuine savings?

Postby Otto Dargan » Tue Mar 26, 2019 7:39 pm

Hi Roger G,

When you buy a property you can expect to spend between 3 to 5% of the contract price on fees, duties and charges also known as funds to complete. The additional costs include purchase stamp duty, transfer fee, registration fees, solicitor fees, etc.

You can use our purchase cost calculator to get an estimate.

Please note that this calculator doesn’t include Lenders Mortgage Insurance (LMI).

Please use our LMI calculator to get a quote for it.

Speak to one of our experienced mortgage brokers by calling us on 1300 889 743 or fill in our free assessment form to get the most competitive interest rate on the market today.

Cheers,
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts


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