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Proposed First Home Super Saver Scheme 

In the May Federal Budget, the government announced a proposed new First Home Super Saver Scheme (Scheme) to apply from Saturday 1 July 2017. The aim of the Scheme is to help first home buyers boost their savings for their first home. The Scheme would allow individuals to make voluntary contributions of up to $15,000 per financial year, and $30,000 in total, to their superannuation account. These contributions would be taxed at 15%. If passed, it would allow people to contribute from 1 July 2017 and then withdraw these contributions from 1 July 2018 to use for a first home deposit.

The government estimates that for most people this could boost the savings they can put towards a deposit by at least 30 per cent compared with saving through a standard deposit account (Source: Fact sheet).

The details are not yet final and the Scheme needs to be introduced as a new law by the Federal Government, however once details are finalised and the law is passed – we will look to enable Essential Super so our members can participate.

The government has provided a fact sheet and online estimator to help people understand how the Scheme works and the potential benefits. 

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Call 13 4074, 8am to 7pm EST, Mon-Fri (or +61 2 9303 3000 if calling from overseas)

Important information

*Before you make a decision on consolidating your super, you should compare the costs, fees, risks and benefits of your other super funds against Essential Super. It makes sense to consider whether you can replace any insurance cover you may lose upon rolling over, potential costs for withdrawing from other super funds as well as any investment or tax implications. You should also decide which super fund you want your employer to pay your future employer contributions to and complete a Super Choice form if necessary.

#Additional fees may apply. And, if you leave the superannuation entity, you may be charged a buy/sell spread which also applies whenever you make a contribution, exit, rollover or investment switch. The buy/sell spread for exiting is 0.15% (this will equal $75 for every $50,000 you withdraw).
Insurance costs will also apply. Refer to our PDS to find out more. 

Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) is the issuer of interests in Commonwealth Essential Super ABN 56 601 925 435. This information is not financial product advice and does not take into account any person’s individual objectives, financial circumstances or needs. You should read the Product Disclosure Statement (PDS) for Commonwealth Essential Super and consider talking to a financial adviser before deciding whether to acquire or continue to hold this product. Click here to download the PDS, collect one from any branch of the Commonwealth Bank or call us on 13 4074 and we’ll post one out to you. Colonial First State is a wholly owned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124 (‘the Bank’). The Bank and its subsidiaries do not guarantee the performance of Essential Super or the repayment of capital by Essential Super. An investment in Essential Super is via a superannuation trust and is therefore not an investment in, deposit with or other liability of the Bank or its subsidiaries.  An investment in Essential Super is subject to risk, loss of income and capital invested.  

^Source: https://www.ato.gov.au/About-ATO/Research-and-statistics/In-detail/Super-statistics/Super-accounts-data/Super-accounts-data-overview/