Salary Sacrifice

Your employer may have set up arrangements to salary sacrifice part of your pre-tax pay directly into your super as a voluntary contribution. What this means for you as a first home buyer is that you can actually claim up to $50,000 under the first home super saver scheme. 

That extra money could make a HUGE difference because you can use it towards your deposit, settlement fees, potentially reduce or avoid LMI, or even keep some as a cash buffer to help you in those first few months as a new homeowner. 

My Tip? Timing is critical! Make sure you apply for your determination to see what you are eligible to claim through the ATO before your settlement - because once the property settles and ownership transfers to your name, you can no longer request a determination which means that YOU miss out on the benefit! It is definitely something worth looking into as a first home buyer!

For healthcare workers, salary sacrificing could be another strategy to help build your first-home deposit while making the most of the benefits available through your super.