Australians can now use Superannuation towards a House Purchase.
- From 1 July 2017, you can make voluntary concessional (before-tax) and non-concessional (after-tax) contributions into your super fund to save for your first home.
- From 1 July 2018, you can then apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home. You must meet the eligibility requirements to apply for the release of these amounts.
Under the new scheme, individuals can make voluntary contributions of up to $15,000 per year and $30,000 in total to buy their first home.
Users of the scheme cannot withdraw their existing super balances, they can only withdraw extra contributions made on top of their 9.5 per cent compulsory contributions.