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 In Lifestyle

A Super Time to Buy Your First Home

With the Melbourne market balancing out and house prices stabilising following a period of phenomenal growth, many first home buyers are taking the opportunity to purchase.

With the Melbourne market balancing out and house prices stabilising following a period of phenomenal growth, many first home buyers are taking the opportunity to purchase.

If you’re starting your research process and considering buying your first home you should investigate the Federal Government’s First Home Super Saver Scheme.

Unlike the First Home Owners Grant, there is no upper limit on home purchases to be eligible (First Home Owners Grant is only available for new home purchases up to $750,000).

According to the ATO reported on news.com.au, only 592 people applied for the first month of the scheme so the scheme is still not widely utilised. 

To be eligible you need to have never owned property in Australia, you will live in the home or intend to as soon as you can (for instance, after repairs) and you plan to live on the property for at least 6 months during the first 12 months that you own the home.

You can access up to $30,000 from your superannuation fund to go towards your first home purchase which could be a significant boost. If you don’t have $30,000 in your super, you can make voluntary contributions of up to $15,000 per year and this is very tax effective with the 15% superannuation taxation rate.

You can access up to $30,000 from your superannuation fund to go towards your first home purchase which could be a significant boost…

A major advantage for couples who decide to buy a home together is they can benefit from the scheme even if one person has already owned a home. The ATO websites says “Eligibility is assessed on an individual basis. This means that couples, siblings or friends can each access their own eligible FHSS contributions to purchase the same property. If any of you have previously owned a home, it will not stop anyone else who is eligible from applying”.

For full information visit: https://www.ato.gov.au/Individuals/Super/Super-housing-measures/First-Home-Super-Saver-Scheme/

Applying for a home loan can be a complicated process, especially for first-time home buyers who may not be as familiar with rates and prices. With ups and downs in the market, you may wonder when you can get the ideal loan. Our experienced team of mortgage brokers at Marshall White Finance can help you navigate the market and present you with a range of finance options.

We are committed to providing our clients with an outstanding service with the goal to make the home buying process as stress free as possible.

Contact Marshall White Finance today to learn more about our home loan services:
Jamie King – 0438 726 933
Harry Bongiorno – 0437 321 976

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