HLG024 The super scheme for first home buyers (560 words)

The First Home Super Saver (FHSS) Scheme is offered to help people save for their first home. This article highlights its features and explains how it works and why it may be beneficial – for some.

You’re moving into your new home; corks are popping and there are smiles all around – classic advertising that for many seems unattainable.

Although many Australians may want to bash the banks over tighter home lending criteria, it’s the bank regulator, the Australian Prudential Regulatory Authority (APRA) that has set these requirements to address the risks in the mortgage market. Low deposits were increasing the risks carried by lenders.

A poll conducted by MoneySmart showed that 43% of Australians don’t save. Of the number who are saving, only 16% are doing it comfortably.

The reasons are varied, but for the most part, modern families are over-burdened with commitments and more pressing priorities. Meanwhile, home ownership slips further away.

But fear not – enter, the First Home Super Saver (FHSS) Scheme!