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FHSSSS

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I'm new

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Hi,

In about six weeks I will be ready to see a mortgage broker and begin looking to buy a home. Should I request a FHSSS determination now in order to show the mortgage broker/lenders proof that I have money under the FHSSS that will go towards my deposit?

And if I request a determination now, can I request another one closer to the time when I'm ready to actually make an offer on a house and withdraw the money I have contributed?

Thanks very much.

1 ACCEPTED SOLUTION

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Best answer

ATO Certified

Devotee Super Specialist

Replies 0

Hi @LP84,

 

When you request a determination is up to you and you are able to request multiple determinations if you wish. However, please be aware, once you have requested a release you can't request another one, even if you have requested an amount less than your FHSS maximum release amount.

 

You don’t necessarily need to request a determination just to prove your savings to your mortgage broker or potential lender. 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 and in some cases, your super fund may be able to provide confirmation of this in writing for you.

 

You can find out more on the ATO website under; Applying to release your savings, and may find the QSuper First Home Super Saver Scheme page helpful.

 

Thanks,

Mark

1 REPLY 1
Highlighted

Best answer

ATO Certified

Devotee Super Specialist

Replies 0

Hi @LP84,

 

When you request a determination is up to you and you are able to request multiple determinations if you wish. However, please be aware, once you have requested a release you can't request another one, even if you have requested an amount less than your FHSS maximum release amount.

 

You don’t necessarily need to request a determination just to prove your savings to your mortgage broker or potential lender. 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 and in some cases, your super fund may be able to provide confirmation of this in writing for you.

 

You can find out more on the ATO website under; Applying to release your savings, and may find the QSuper First Home Super Saver Scheme page helpful.

 

Thanks,

Mark