In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
FHSS or First home super saver scheme
This is a government scheme that helps you save money in your superannuation fund to help buy your first property to live in, it can be a new or existing home.
You make voluntary contributions and when you’re ready to make a purchase you can have the funds released. There are some eligibility requirements and limits around releasing the funds and you will have to get an official FHSS determination amount prior to signing a contract.
Other conditions include being 18 years or older when requesting the determination, being a first home buyer, intending to live in the property for at least 6 months within the first 12 months of owing it and not having a former FHSS release request.
Unlike other government schemes you don’t have to be an Australian citizen or resident for tax purposes and as eligibility is on an individual basis, couples, siblings and friends can take out their own funds and combine to help purchase the property.
*You need to be over 18 years old, however you can make contributions to your superannuation fund before you turn 18.
*An individual needs to earn $125,000 or less annually, a couple no more than $200,000 per annum.
*You must also be a first home buyer and intend to live in the property with you name on the title.
*You must not have previously made a First Home Super Saver ‘release’ request.
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