Welcome to the first episode of Season 2!
In this episode, we go through two different ways to help you get into your first home. We cover HomeStart and the First Home Save Super Scheme (FHSSS), two solutions that are often discussed amongst millennials.
The First Home Saver Super Scheme (FHSSS) is what, exactly? The Federal Government has recently extended the rules for you to use your super to accelerate your savings towards a deposit on your first property.
What is HomeStart? In South Australia, you may acquire a loan with a deposit as low as 2% and no lender mortgage insurance (LMI). Alex Dickson, Financial Adviser from Catapult Wealth talks to Christina Tran on the benefits and potential drawbacks of HomeStart.
Calculator below:
https://www.csc.gov.au/assets/fhsss-calculator/index.html#/calculator/
ATO Website info:
https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-scheme/
Disclaimer: This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax/or legal advice prior to acting on this information.