There are some restrictions to help ensure help is only available to people genuinely saving for a first home. To qualify, participants need to:
The following contributions are not eligible for withdrawal under the FHSS scheme:
Your savings (the eligible contributions) plus associated earnings can be withdrawn to purchase a home from 1 July 2018.
Queensland local government employees: Standard member contributions of 6% paid by eligible Queensland local government employees are not eligible for the scheme.
Contributions are limited to $15,000 in any one financial year, and $30,000 in total.
You can read more about the FHSS scheme on the Australian Tax Office (ATO) website.
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