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First Home Super Saver Scheme

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Hi ATO team, just a few questions regarding the FHSS scheme.

 

1) Is someone that holds a permanent resident VISA but is not a resident, eligible for the FHSS?

2) Is someone able to utililze the FHSS to purchase property with a spouse when the spouse has previously owned property?

3) I've read that the release of funds takes 25 business days, how long does a determination take?

4) If you have the funds released but do not purchase property, is there any restriction of applying for an extention?

5) Is there a limit to the number of extensions you can get?

6) If an extension is refused and you have to return the funds to super, can you ever get it back out again?
Thanks for any help.

 

 

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Best answer

Moderator

Replies 0

Hi @Nicholas,

 

@SebReiter's post covers all your questions. We just wanted to add some more information in regards to your second and last question. 

  • Your eligibility for the FHSS scheme is assessed on an individual basis. This allows you to buy a property with someone who has already owned a property or with someone who is also using the FHSS scheme.
  • If you don't sign a contract in the 12 months (or extended time frame) and you recontribute your FHSS amounts back into your super fund, you'll need to meet a condition of release to withdraw them.

Thanks, NicM.

2 REPLIES 2

Devotee

Replies 0

Hi Nicholas

 

1 - Yes. There's nothing in the eligibility criteria about the residency status of an individual, so someone holding a permanent resident visa can apply for an FHSS determination

 

2 - Yes. Any individual who has NOT previously owned property in Australia can apply for an FHSS determination, even if they're buying the house with another person who HAS previously owned property.

 

3 - If you request the determination online it's visible straight away

 

4 - No, there's no restriction on someone being able to apply for a time extension to buy a property

 

5 - The maximum additional time is 12 months, so 24 months in total to buy a property.

 

6 - You can only apply for one FHSS release. So if you're asking if you'd be able to get the money out again to buy a first home the answer is no.

 

I'm an ATO employee voluntarily providing my time here

 

Best answer

Moderator

Replies 0

Hi @Nicholas,

 

@SebReiter's post covers all your questions. We just wanted to add some more information in regards to your second and last question. 

  • Your eligibility for the FHSS scheme is assessed on an individual basis. This allows you to buy a property with someone who has already owned a property or with someone who is also using the FHSS scheme.
  • If you don't sign a contract in the 12 months (or extended time frame) and you recontribute your FHSS amounts back into your super fund, you'll need to meet a condition of release to withdraw them.

Thanks, NicM.

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