Why the First Home Super Saver Scheme adds up

By Paul Benson
Updated January 24 2018 - 9:43am, first published January 18 2018 - 8:45pm

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 per cent deposit, and in the ideal world you'd have a 20 per cent 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.