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Long settlement and application

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Hi - hoping someone can help. I understand the FHSS in theory but have 2 questions.

1) I have already asked my employer to start making voluntary contributions through salary sacrifice.... do I need to notify the ato before I start contributing to super... or do I only need to notify/apply when funds required?

2 - I’m a little confused with the timing re notifying and signing contracts. I plan to sign a contract and provide a small deposit For an off the plan apartment... I don’t need the FHSs funds now, I need them closer to settlement or loan approval stage in 1-2 years.... however, reading up on the requirements I can’t sign a contract more than 2 weeks before lodging a withdrawal request... is there anyway around this? My preference would be to sign a contract now and then apply for funds release in 1-2 years when the property settles. I hope that makes sense.

Thanks
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Hi @Peter41 

 

You don't need to let us know when you start making contributions to your fund but you do need to check that your fund will release the funds when you're ready.

 

Unfortunately you won't be able to sign a contract now under FHSSS and then request a determination and release of funds in 1-2 years. You must apply for and receive a FHSS determination from us before signing a contract for your first home or applying for release of your FHSS amounts.

 

Thanks, Ari

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Most helpful response

Community Support

Replies 0

Hi @Peter41 

 

You don't need to let us know when you start making contributions to your fund but you do need to check that your fund will release the funds when you're ready.

 

Unfortunately you won't be able to sign a contract now under FHSSS and then request a determination and release of funds in 1-2 years. You must apply for and receive a FHSS determination from us before signing a contract for your first home or applying for release of your FHSS amounts.

 

Thanks, Ari