First home buyers in Gippsland are being encouraged to take advantage of a Federal Government scheme to help fast-track their saving for a house deposit.
The Nationals Member for Gippsland Darren Chester today encouraged residents, including young people, planning to buy a house to take advantage of the First Home Super Saver Scheme.
The scheme was announced in this year’s Budget and came into effect on July 1. It will give first home buyers the ability to accelerate their savings by at least 30 per cent.
“I know there are many people in Gippsland who are dreaming of owning their own home. For some, particularly the young, getting a house deposit together is incredibly difficult,” Mr Chester said.
“Under this scheme, they will be able to save for that deposit by making voluntary contributions into their superannuation account. It’s a way to fast-track saving and move into their own home more quickly.”
First home buyers will be able to save for a house deposit within their superannuation by making voluntary contributions of up to $15,000 per year and $30,000 in total into their superannuation account.
These contributions, which are taxed at the discounted rate of 15 per cent, along with deemed earnings can be withdrawn for a deposit from July 1 next year. Withdrawals will be taxed at marginal tax rates less a 30 per cent offset.
Couples will be able to combine their savings for a single deposit.
Assistant Minister to the Treasurer Michael Sukkar said Super Saver Scheme was part of a range of measures to ease the pressure on housing affordability, including for prospective first-time buyers.
“For most people, the First Home Super Saver Scheme will allow them to save for a deposit faster than saving through a standard deposit account,” Mr Sukkar said.
Home buyers can get an estimate of how scheme could benefit them by visiting: www.budget.gov.au/estimator.
For more information, visit FirstHomeBuyerSuperSaverSchemefactsheetweb.
