Header Image Source: Thansak253700 (Shutterstock). Rates and product information should be confirmed with the relevant credit provider. It has been $300 a fortnight per person from July 1. https://nnimgt-a.akamaihd.net/transform/v1/crop/frm/FpE8VV7FPKUErFtSeFPDmM/070ed4c6-8861-442b-aa82-405d2e25590a.jpg/r0_293_5760_3547_w1200_h678_fmax.jpg, Strong sales help dealers drive through pandemic as car shortages hit, Disturbing data reveals more preventative family violence measures needed, Fire leaves hay shed containing machinery 'gutted', Warrnambool Indoor Go Karts closing down after almost 40 years, Children haunt their neighbourhoods as COVID-safe Halloween kicks off, Rotarians thrilled with turnout to first frundraiser since lockdowns. QLD election 2020 live results: One Nation’s Pauline Hanson ... Melania Trump faces new ‘fake Melania’ claims, US election 2020: What Joe Biden win will mean for Australia. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. The examples provided in the article are not based on actual products or real consumer circumstances. and Australian Credit Licence 234945. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 ("Pepper"). The payments will be tax-deductible, which should lead to a tax refund of $5700 a year. What are the pros and cons of withdrawing super for a home deposit? In this case they might want to put more into super, potentially paying off their mortgage from their super fund when they retire. Also, keep in mind that the sole purpose of having money in superannuation when you are retired is to enjoy the concessionally taxed status of the fund. That is, it would reduce housing affordability, including for first home buyers.”. The trick is to take advantage of the different tax rates between money received in the pay packet, and money salary-sacrificed to super. While it is commonly thought that it’s better to pay off a home loan as soon as possible, this isn’t always the case and can depend on several factors, including the person’s age, the size of the home loan and the person’s ultimate retirement goal, says Ling Fang, a financial planner at AustralianSuper, the nation’s largest superannuation fund. COVID-19 Superannuation Early Release Scheme. Downsizing is an option when making retirement goals. But critics say the $30,000 cap is peanuts and doesn’t come close to the amount needed for an average house deposit. Housing affordability advocates First Home Buyers Australia welcomed the scheme, saying first home buyers earning more than $18,200 per year would be better off because they could save a deposit faster. You may view and download material from this site for your personal, non-commercial use only but otherwise no part of the content of this site may be reproduced in any form without the written consent of The Association of Superannuation Funds of Australia Limited. Terms of service, If you both work and your combined incomes have an average tax rate of, say, 33 per cent, then the first $69,000 you earn each year will go towards your mortgage. The views, opinions and positions expressed in this piece are the views of the author alone, and do not necessarily reflect the views of Canstar. Instead of facing a debt of around $127,000 when he retires, which could take a big chunk of his employer superannuation, he has boosted his personal superannuation by $276,000. Remember, the tax-free threshold is $18,200 and most portfolios do not generate this kind of income. You should make your own enquiries and calculations based on your own personal circumstances as well as finding out specific product costs, rates or features that may be relevant to you. Aussie is a trade mark of AHL However, interest rates are unlikely to stay this low. Such applicants may have only used their super funds as a ‘top-up’ for an existing deposit. The longer you leave it to start - the harder it will be. Tax expert Greg Travers agreed the measures did not amount to a “real fix”. Before you elect to terminate or modify existing lending arrangements, it is recommended that you consider all associated fees and application costs, as well as the timing and impact these changes could have on your wider financial arrangements and personal circumstances. During the height of tensions with then prime minister, communications minister Malcolm Turnbull bagged the concept as a “thoroughly bad idea”.
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