Understanding the First Home Super Saver Scheme

Understanding the First Home Super Saver Scheme

Are you a First Home buyer and looking to get into the property market with Orbit Homes?

At Orbit Homes we really do understand that purchasing a brand new home is a big step, so we’ve done some research into the latest finance information for First Home buyers.

Guess what…It’s good news, the Government will help you boost your savings for your first home by allowing you to build a deposit inside your superannuation.

This is called ‘The First Home Super Saver’ also known as FHSS.

Understanding the First Home Super Saver Scheme

The nitty gritty:

  • From 1 July 2017 you can make voluntary concessional (before-tax) and non-concessional (after-tax) contributions into your super fund to save for your first home.
  • From 1 July 2018 you can then apply to release your contributions, along with associated earnings, to help you purchase your first home.
  • contributions are up to $15,000 per year and $30,000 in total

How do you know if you qualify?

You must are required match the below profile:

  • Have not previously owned property in Australia (or the Commissioner of Taxation has determined you have suffered a financial hardship as specified by regulations)
  • Have not previously released FHSS funds
  • Either live or intend to live in the premises you are buying as soon as practicable
  • Intend to live in the property for at least six months of the first 12 months you own it, after it is practical to move in.

To give you a little bit more guidance we’ve downloaded the Budget Fact Sheet for you.

You can also find more information on the ATO’s website

What’s next?

Once you have your finance sorted – discover your PERFECT SPACE with one of our Home Designs.

At Orbit Homes we make selecting your new a home simple process and offer so many great designs to choose from. An Orbit home is unlike any other. Not only is our quality outstanding and our designs flawless, but you’ll get years of enjoyment and the daily contentment and security of truly feeling at home.
Our most popular First Home buyer home designs sit in our Abode Living range.

Abode Living

All the homes in our Abode range have been specifically designed to create stunning but affordable contemporary homes where quality is key. Across the range, you will notice that all these homes contain open-plan living areas to create a strong sense of space, an abundance of natural light and provide additional flexibility.

House and land packages

Looking to build the perfect property in a great location? Get the best of both worlds with our house and land packages.

With all the hard work of choosing a home to match a lot taken care of, our Fixed Price and Exclusive House and Land Packages are the ideal solution for a hassle-free home. Plus, with the best locations, prices and service, Orbit Homes makes building a new home simple.

Our house and land packages are set at a fixed price based on their inclusions and are available in the best estates. We also regularly offer high-value promotional upgrades so that you get more value for your dollar.

Discover why you should become apart of the Orbit Homes family today.