There are some restrictions to help ensure help is only available to people genuinely saving for a first home. To qualify, participants need to:
The following contributions are not eligible for withdrawal under the FHSS scheme:
Your savings (the eligible contributions) plus associated earnings can be withdrawn to purchase a home from 1 July 2018.
Queensland local government employees: Standard member contributions of 6% paid by eligible Queensland local government employees are not eligible for the scheme.
Contributions are limited to $15,000 in any one financial year, and $50,000 in total.
You can read more about the FHSS scheme on the Australian Tax Office (ATO) website.
Save on fees and hassles by bringing all your accounts across to Brighter Super.
Use our retirement income calculator to get an idea of your future finances.
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