StCicatriz
Brownlow Medallist
- Aug 3, 2016
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Is anyone on here using the FHSSS? Whats your experience with it?
Any using the FHSSS (First Homebuyers Super Saving Scheme)
- Thread starter StCicatriz
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Not a big response St C. Not sure it belongs here but as Aunty has noted
Someone has to lose for first homebuyers to win:
& they've answered their own question
This is who it should be
The winners arent immediately available at a glance, but given the tenor of ABC politics, guess who the losers are?
https://www.abc.net.au/news/2019-05-14/housing-policy-creates-winners-and-losers/11111534
From the article:
The underlying problem with the Coalition's latest plan — like the First Home Super Saver Scheme it introduced in 2017, or the Howard and Rudd Government's first homeowners grants — is that it tries to fix the housing affordability problem by adding to demand for housing.
The biggest barrier for many first home owners isn't the deposit. Their problem is qualifying for a mortgage when banks assess their ability to repay the loan assuming an interest rate of 7 per cent, much higher than the typical 4 per cent.
By reducing investor demand for existing houses, Labor's policy could provide a genuine boost to "genuine" home ownership, by owner occupiers.
The bottom line on housing? Changing rules on negative gearing and capital gains tax is more likely to increase home ownership than guaranteeing part of the deposit.
Someone has to lose for first homebuyers to win:
& they've answered their own question
This is who it should be
The winners arent immediately available at a glance, but given the tenor of ABC politics, guess who the losers are?
https://www.abc.net.au/news/2019-05-14/housing-policy-creates-winners-and-losers/11111534
From the article:
The underlying problem with the Coalition's latest plan — like the First Home Super Saver Scheme it introduced in 2017, or the Howard and Rudd Government's first homeowners grants — is that it tries to fix the housing affordability problem by adding to demand for housing.
The biggest barrier for many first home owners isn't the deposit. Their problem is qualifying for a mortgage when banks assess their ability to repay the loan assuming an interest rate of 7 per cent, much higher than the typical 4 per cent.
By reducing investor demand for existing houses, Labor's policy could provide a genuine boost to "genuine" home ownership, by owner occupiers.
The bottom line on housing? Changing rules on negative gearing and capital gains tax is more likely to increase home ownership than guaranteeing part of the deposit.
I’m also interested in possibly pursuing this. My simple maths is that on a contribution of 10k a year salary sacrificed I would get 2.5k tax advantage. That’s a pretty decent ROC
My fear is a first timer ending up with negative equity - you'd need a well paid & very secure job IMHO to roll the dice.
- Feb 2, 2009
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I recommended this to my brother. His income is in the 32.5% tax bracket.
He had $30k on hand last month so he contributed $15k in June and claimed a tax deduction, then did another $15k lump sum with a tax deduction.
15% super tax for the $30,000 he’s contributed means his $30k becomes $25,500. He gets a 30% rebate at tax time though, so he got $4,500 back at this 2018-19 FY tax return. $25,500 + $4,500 = $30k so he only breaks even this year.
He will get another $4,500 at tax time next July though which will be his benefit from the scheme. ATO will credit him earnings too at around 4%, which is about $100p/m. If he keeps it in super for 12 months that’s around an extra $1,200.
Would have loved this 2 years ago when I brought a house. Missed the free stamp duty by 2 months too
He had $30k on hand last month so he contributed $15k in June and claimed a tax deduction, then did another $15k lump sum with a tax deduction.
15% super tax for the $30,000 he’s contributed means his $30k becomes $25,500. He gets a 30% rebate at tax time though, so he got $4,500 back at this 2018-19 FY tax return. $25,500 + $4,500 = $30k so he only breaks even this year.
He will get another $4,500 at tax time next July though which will be his benefit from the scheme. ATO will credit him earnings too at around 4%, which is about $100p/m. If he keeps it in super for 12 months that’s around an extra $1,200.
Would have loved this 2 years ago when I brought a house. Missed the free stamp duty by 2 months too
