@silencedogwood Yeah I agree. While you're only being taxed 19% it's probably not worth it. Though, small concessional contributions through salary sacrifice might still be worth it (if you're only going to be saving that money towards deposit anyway) as it won't really make too much of a dent in your take home pay, and 4% tax saving is better than any money sitting in the bank.
@silencedogwood The first year I contributed about 11k, the 2nd year I contributed the max yearly 15k and just before withdrawing last year I contributed another 4K to max it out to the full 30k. However yeah they’ve now extended it to 50k total which I’d totally take advantage of if I could have.
@silencedogwood The First Home Loan Deposit Scheme (FHLDS) just increased to $800k for Sydney. So if you can find something slightly cheaper, then you'll only need $40k. The government will guarantee the rest. Downside is you'll have to be able to service the rest.
@llama1337 This is a good point, and ties into the super save scheme mentioned above (if they are compatible?). My only issue is reliance on this could be a bit tricky because these are policies that may change in future, but I'd imagine it'd be unpopular to remove them.
@silencedogwood They've just announced the new change for this year as the price cap was $700k for the last 2 years. It's a hugely popular scheme so I don't think it will be going anywhere any time soon. They're also going to bring in the 2% scheme for single parents so 5% is a safer bet for the govt.
Yes, the FHSSS ties in with the scheme because they ask that you have 3 months worth of "genuine" savings. Being locked in a super account is exactly that.
@silencedogwood Just a disclaimer, I am not giving advice. But I have always wondered if investing in property related ETFs would be a good way to go. If the market rises, your deposit should rise with it. But I can't find any that focus purely on the residential market.
@silencedogwood If you need a deposit in 5 yrs time you would be wise to keep the majority as cash (75% or so depending on your risk profile). Invest only what you can afford to lose. Remember you have long term shares in super. Sit back and instead of feeling the pressure to make a gain through shares (which isn't guaranteed) putting aside a fixed amount per month and sticking to it is more important.
@silencedogwood I did put X amount in ETFs then saved the 2X amount in cash. I guess it was ignorance but I suppose keeping a portion of in ETFs but not all would be a good idea
