The new financial year is on the horizon, and for those of you
considering entering the housing market for the first time, or
downsizing to a lower cost residence, it may be worth noting the
"Super Housing Measures" announced in the last Federal
Budget, and passed by Parliament in December 2017, take effect from
1 July 2018.
A. First Home Super Saver Scheme
"Home ownership is falling out of reach for many
younger Australians.... difficulty saving a deposit is a key
barrier to getting into the market. That's why the changes
contained in this bill are essential and why we need to act
now." – Michael Sukkar MP, second reading
speech.
The Government will assist first home buyers who, from 1 July
2018, may draw up to $30,000 each from voluntary contributions they
have made to their superannuation since 1 July 2017 to put towards
the purchase of residential property.
