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

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Is the First Home Super Saver Scheme acceptable as genuine savings?

Post by Otto Dargan »

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

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

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

Post by Otto Dargan »

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

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

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

Post by Otto Dargan »

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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