Latest / The PROPERTY DOCTORS, Sydney Australia Novak Properties
EP. 1506 – FIRST HOME BUYERS USING THEIR SUPERANNUATION AS A DEPOSIT TO BUY!!! WHAT WHAT!? 😲🏠 Sounds too good to be true? It’s not. 💥
🏠💥 Secret weapon for first-home buyers: use your super to save your deposit faster (legally).It’s the FHSS Scheme and here’s how it works:Salary-sacrifice extra into super → taxed at 15% (often much lower than your normal tax).You can contribute up to $15k/yr (lifetime $50k cap).When you’re ready, withdraw your eligible contributions (generally 85% of concessional + 100% of non-concessional) + earnings for your deposit.Why it’s good: people save deposits ~30% faster.Need-to-knows:• Must be 18+ and intend to live in the home 6 of 12 months.• One-time use. Sign a contract within 12 months of…
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