Client Success #15: Saving for a First Home Through Super
Immediate benefit: $2,267 a year
We met a man saving for his first home, with his own income the only one in the household. We took the time to understand his plans and what he’d need to stay on track if work was interrupted. Together we set up a way to save part of his deposit through super, with his income protected and his retirement savings projected to grow.
Client Snapshot
- Single, and the only income earner in the household
- Planning to buy a first home in the next 12 to 24 months
- Super that wasn’t performing as he’d expected
Their Goals
- Save for his first home as efficiently as he could
- Have his super reviewed
- Protect his income, lifestyle and savings
The Challenges
- Time off work would affect both his lifestyle and his deposit
- His super wasn’t performing the way he’d expected
Our Strategy
- Moved his super to a lower-cost fund with an appropriate investment structure
- Put an insurance strategy in place to protect his income, lifestyle and assets
- Used the First Home Super Saver Scheme to save part of his deposit through super
- Structured his savings so his contributions are tax deductible
The Outcome
He’s saving for his deposit in a more tax-effective way, with his income protected along the way and a projected lift in his retirement savings. As with any policy, the insurer assesses the claim.
- Immediate benefit
- $2,267 a year
- Super fees reduced (over 50%)
- $856 a year
- Estimated income tax saving
- $1,411 a year
- Projected retirement uplift
- Approx. $155,000
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