The First Home Super Saver Scheme is basically legal money laundering. And if that doesn’t get you excited, I don’t know what will.
The Scheme allows first home buyers to save extra money for their first home inside their super, and take it back out again at a lower tax rate. And saving on tax = WIN.
Our special guest is Conaill Keniry, a financial adviser and the director of What If Advice.
In this episode, we explore:
How tax works with our super fund
The ways we can contribute to our super and how they differ
The maximum amount we can contribute each year
How the Scheme benefits first home buyers
How the extra money in my super gets invested, and if there’s any risks if the share market drops
If it has any impacts on my HECS repayments
The process for taking money back out of your super when you’re ready to buy
The timeframes involved - when I need to withdraw it, when I need to buy a property and how long I need to live there for (super important!!)
How to actually use the Scheme
Which professionals you should be speaking to
Do you have a burning property question you’d like answered on the show? Connect with us on instagram @thebuyersbible, we’d love to hear from you with questions, thoughts and feedback. Don’t forget to head to our website www.thebuyersbible.com.au
for our show notes, and to download your free first home buyer checklist.
Information provided in our podcast is general in nature and does not constitute financial advice. Every effort has been made to ensure the information is accurate, listeners must not rely on this information to make investment or financial decisions.
Theme music: Lioness (Instrumental) by DayFox https://soundcloud.com/dayfox
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