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166. First Home Saver Super Scheme
Manage episode 454830599 series 3559707
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Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we discuss the First Home Saver Super Scheme (FHSSS), which helps first-time buyers save for a property deposit using superannuation. We highlight its tax benefits, such as contributions taxed at 15% instead of higher marginal rates, potentially saving individuals thousands annually compared to regular savings. However, we note the scheme’s complexity, with restrictions like annual and lifetime caps, making professional advice essential. While we commend its potential, we advocate for simpler rules and higher savings limits to increase accessibility.
Want to learn how to supercharge your savings for your first home? Tune in now to discover the secrets of the First Home Super Saver Scheme.
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights
Introduction to First Home Super Saver scheme
Scheme mechanics and benefits
Regular savings vs. First Home Super Saver scheme
Scheme limitations and complexities
Consulting a financial advisor when using the scheme
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