First Home Super Saver Scheme - eligibility?

Lveeballerina on 01/12/2017 - 13:04

Hi!

I have a query about the eligibility requirements of the new FHHS scheme the government has brought in this budget.

My partner and I have exchanged contracts earlier this year for an off-the-plan residential apartment which is due to be built and settled in 2020.

We have only paid a deposit at this stage and are still saving for the remaining amount for settlement.

If we were to make the voluntary concessional contributions (salary sacrificing) into our super of up to $15,000 per year (in accordance with the FHHS scheme), would we be eligible to have that withdrawn at the stage we are ready to pay for the remaining settlement amount under the scheme?

Basically, are we considered to already have a 'freehold title' in property because we have already exchanged contracts, despite no actual property existing yet?

Thanks in advance.

Financial

Comments

  • Dean29 on 01/12/2017 - 13:38
    +1

    Speak to a mortgage broker makes thing so much easier

  • djkelly69 on 01/12/2017 - 14:13
    +1

    You do not own real property at this stage if you have only exchanged contracts and not settled. You have what is called an 'equitable' interest in property.

    No one can really give a firm answer to your questions at this stage as the legislation has not been passed, but the explanatory memorandum indicates you should be eligible - it refers to

    a freehold interest in real property in Australia

    which you do not hold, and there does not appear to be anywhere else that mentions an exchange date as being a relevant date.

  • Typical16-bitEnjoyer on 01/12/2017 - 14:39
    +1

    Google 'off the plan apartment sunset clause'

    Be afraid.

  • His_Holiness on 01/12/2017 - 15:47
    +1

    Forget about the FHSSS. It won't pass the senate. Any money you put into your put into your super now you'll never see again until you're grey (if you're lucky!).

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