<span class=Using your Super to buy an affordable home " />

Using your Super to buy an affordable home

Are you thinking about entering the housing market? Perhaps you’ve recently been thinking that you’re ready to buy your first home. Getting your finances in order, and especially saving for a deposit, are fundamental steps on the journey to buying a home,

Using your superannuation could be an option. Two of the ways eligible home buyers can use their super to buy a property are: 

  • people eligible to access their superannuation (60 years of age and retired, or 65 years of age and still working) can use their super money to buy a property. 

Let’s assume you’re young, working, looking to buy your first home, and you’re eligible to buy an affordable home through HomeSeeker SA. The most appropriate superannuation option for you is the First Home Super Saver Scheme. 

First Home Super Saver Scheme 

This Federal Government scheme allows you to use your existing superannuation fund to save for your first home. In basic terms, you can make voluntary contributions to your super fund of up to $15,000 every financial year, building to a maximum total of $50,000 across all years. If you’re eligible, you can have this money released to help you buy your first home, including a fixed price, affordable home through HomeSeeker SA. 

Eligibility for the First Home Super Saver Scheme 

To be eligible for the First Home Super Saver Scheme, you must meet the following conditions: 

  • you are 18 years of age or older when requesting a release of superannuation funds to buy a property – but you can make contributions before you are 18 

  • you are a first home buyer and have never owned a property (including an investment property, vacant land, or a commercial property) in Australia 

  • you intend to live in the home you are buying as soon as practicable and for at least 6 (six) months 

  • you have never previously requested a release of super funds through the First Home Super Saver Scheme.