First Home Super Saver Scheme – should I care?

Financial Autonomy - First Home Super Saver Scheme – should I care?
Financial Autonomy - First Home Super Saver Scheme – should I care?

We all know that property prices in Australia have gone stupid in recent years.  One significant consequence of that has been that first home buyers have found it increasingly difficult to enter the property market.  Banks like to see at least a 10% deposit, and in the ideal world you’d have a 20% deposit to avoid mortgage insurance costs.  But when a first home can often cost north of half a million dollars, saving a deposit of that size can be really challenging, especially if you have rent to pay, and perhaps a HECS-HELP debt that sucks away a portion of your income.
Fortunately there has been recognition of this problem by both sides of politics, and the solution that has been legislated in recent months is the First Home Super Saver Scheme.
So what is it, and should the First Home Super Saver Scheme be on your radar as a strategy to enter the housing market?  In short, should you care about this new initiative?

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