If you’re saving for a deposit on your first home, the Federal Government’s new First Home Super Saver Scheme (FHSS) could help you reach your target sooner, by allowing you to save for your deposit inside your super.
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1The concessional contribution cap for 2018/2019 is $25,000 for all Australians. The annual non-concessional contribution cap is $100,000. Your non-concessional cap is nil for a financial year if you have a total superannuation balance greater than or equal to the general transfer balance cap ($1.6 million in 2018–198) at the end of 30 June of the previous financial year. ato.gov.au
3These estimated outcomes have been modelled using the online Government estimator, accessed on 8 May 2018. Actual returns and relative outcomes may differ depending on performance of markets and deposit products.