The First Home Super Saver scheme can help you build a deposit sooner by allowing you to make voluntary super contributions, up to $15,000 per year and $50,000 in total, and later withdraw them plus earnings to buy your first home. Because contributions are taxed at 15 percent, it can be a tax effective way to save.

To qualify, you must be over 18, have never owned property in Australia, and intend to live in the home. With proper guidance, the FHSS scheme can be a smart strategy to fast track your path to home ownership.

Read more: Unlock Your First Home: The First Home Super Saver Scheme