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Re: FHSSS release

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Newbie

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Replies 1

Hi,

 

So I am trying to understand how the timeline of the release of the FHSSS work.

On the website it says:

Applying to release your savings

You can check your balance with your super fund(s) at any time to see how much you have saved. This will help you keep track of the maximum FHSS amounts you can have released.

When you are ready to receive your FHSS amounts, you need to apply to us for a FHSS determination and a release.

You can sign your contract to purchase or construct your home either:

  • from the date you make a valid request to release your FHSS amounts
  • before making a valid request to release your FHSS amounts.

If you sign your contract to purchase or construct your home before making a valid request to release FHSS amounts, you'll need to:

  • have an FHSS determination before you sign
  • make a valid release request within 14 days of entering that contract.

If you already have a FHSS determination and have signed a contract then you cannot request a new determination and must request the release of your FHSS amounts within 14 days of signing the contract.

 

First, can you please explain what a determination is? How long does it take to have a determination?

Then, what is a valid request? How long does it take to make a valid request?

Also, can I make a valid request before I sign a contract or does it have to be on the day I sign the contract and up to 14 days after?

What is the difference between a determination, a valid request and a release?

Im sorry if these questions sound silly but I am not familiar with the jargon and trying to work out how it all works as it is important I don't make any mistake and miss out.

Thank you

1 ACCEPTED SOLUTION

Accepted Solutions
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Best answer

Devotee

Replies 0

A determination is what you need to do before you apply for the release of your funds. You can do this on mygov if oyuve linked to the ATO and the amount your eligible for is shown on the screen pretty much straight away. The release is the request that you make to have the funds deposited to your account which can take a lot longer, i think mine took close to a month.

 

Timing wise determination comes first and then you can request the release of funds. With regards to the contract if you dont request a release before signing you have 14 days from the day you sgn the contract to make the request. I would suggest doing both before signign the contract as you would want to incldue the funds in your deposit and your super fund can take a few weeks to release the money

 

 

1 REPLY 1
Highlighted

Best answer

Devotee

Replies 0

A determination is what you need to do before you apply for the release of your funds. You can do this on mygov if oyuve linked to the ATO and the amount your eligible for is shown on the screen pretty much straight away. The release is the request that you make to have the funds deposited to your account which can take a lot longer, i think mine took close to a month.

 

Timing wise determination comes first and then you can request the release of funds. With regards to the contract if you dont request a release before signing you have 14 days from the day you sgn the contract to make the request. I would suggest doing both before signign the contract as you would want to incldue the funds in your deposit and your super fund can take a few weeks to release the money