One of the biggest announcements during the 2017 budget was the First Home Super Saver Scheme. Under the scheme, first home buyers can voluntarily contribute money into their super and then access this money to buy a property.
There are a number of benefits to this scheme such as:
So how does it work?
If the scheme kicks off, you'll be able to make voluntary contributions to your super fund (including by salary sacrificing) up to $30,000 in total ($15,000 per year). While you're saving this money, it'll be taxed at 15% rather than your personal tax rate and could also earn higher returns as it will be invested in super, rather than sitting in your savings account.
When you've saved enough, you can withdraw your contributions, plus earnings, less tax and put it toward a home.
Details are still scarce, such as what happens if you need to access the money for a non-home-deposit emergency. Legislation is currently being developed, but stay tuned for more.