Hey all, looking for some advice/opinions as we’re trying to figure out the best strategy to enter the market later this year.
Our situation:
- Couple (F31, M35)
- Household income: ~$196k pre-tax
- Current savings: ~$120k
- Expect to save another ~$20k by end of August (so ~$140k total)
- Super: ~$66k each (this includes FHSS contributions)
- Can withdraw ~$25k each after tax from FHSS (~$50k combined)
Plan:
We’re looking to buy around August/September in Adelaide, ideally a new build under $900k to:
- Access First Home Owner Grant ($15k)
- Get stamp duty exemption (SA)
- Potentially use the 5% deposit scheme (Home Guarantee Scheme)
We’re aware of the property price caps (~$900k in Adelaide) and that we meet eligibility (no income cap issues etc).
The dilemma:
Does it make sense to:
👉 Withdraw the ~$50k from FHSS and boost our deposit
OR
👉 Just use the 5% deposit scheme and leave our super alone?
Things we’re weighing up:
- Our super is already relatively low for our age, so withdrawing FHSS feels like a setback long-term
- But adding FHSS could:
- Reduce LVR
- Lower repayments
- Possibly avoid LMI outside the scheme (or just give more flexibility)
- If we go with 5% scheme, we preserve super but take on a bigger loan
What we’re trying to figure out:
- Is FHSS withdrawal actually worth it in our case?
- Or is using the 5% scheme + keeping super intact the smarter move long-term?
- Has anyone been in a similar position and regretted (or been glad about) using/not using FHSS?
Would really appreciate any thoughts, especially from people who’ve gone through FHSS or bought in Adelaide recently.
Used ChatGPT to tidy this up so it actually makes sense 😅
u/Admirable-Clock-1741 — 11 days ago