by Duc Hong
The First Home Super Saver scheme (FHSS) was designed to assist first home buyers to save using superannuation. Eligible contributions made since 1 July 2017 include voluntary personal and salary sacrifice contributions (both concessional and non-concessional) but exclude employer SGC and spouse contributions. Some Kiwi Saver and foreign fund transfer amounts are also eligible for the scheme.
In a strong and rising housing market, the FHSS may be an option for your clients. Some argue its too complicated and too difficult, see First Home Super Saver not worth the trouble. But, if your client meets the criteria, this may be the leg-up they need. Below are the criteria and features.
Eligibility to apply for a release under the scheme includes
Key Scheme Features
It is possible that some people have made contributions during the past few years that would qualify for the scheme, even though that was not their original intention. It may be worthwhile discussing with those clients that are eligible.