The Albanese Government is making it easier for young Australians looking to purchase their first home through the First Home Super Saver Scheme (FHSSS).
The FHSSS is intended to allow first home buyers to make voluntary contributions to their superannuation and release these savings, with associated earnings, for a home deposit.
This week we passed legislation addressing significant pain-points in the scheme.
The FHSSS was introduced by the previous government yet was plagued by administrative shortcomings including an inability to rectify application mistakes and inflexible timeframes.
We are giving young Australians more time to access funds to compete their house purchase by extending the timeframe to request a release of savings (after entering into a contract) from 14 days to 90 days.
Under the former government’s scheme, Australians were promised support to buy a home but were left stranded and disappointed. For around 4,000 Australians, this has left them unable to buy a home through the FHSSS.
The changes will also apply to eligible individuals who applied from 1 July 2018, which will help Australians who engaged in the scheme in good faith, finally access the money they saved to purchase their first home.
This is another example of how the previous government was big on announcement, but small on delivery. The Albanese Government’s focus continues to be on producing meaningful outcomes so that all Australians can get ahead.