Salary sacrificing all of husband’s income to save for a house via the First Home Super Saver Scheme
My husband (27M) and I (26F) are focused on saving for a house deposit and buying a house in the next few years.
I work for the government and bring home about $3k a fortnight after tax, while his income varies depending on rotations and overtime. He is an early career doctor and brings home between $2.5k-$5k a fortnight after tax, depending on the rotation and overtime he has worked. He gets taxed A LOT. Despite his higher income, there are times when we bring home similar amounts because nearly half of his pay goes to tax.
I’ve been exploring ways to minimise his tax burden and save more effectively for a house and have looked into the First Home Super Saver Scheme. Since we can live off my income alone, I thought we could save his income entirely until we reach the contributions cap, then switch to sacrificing my income. His pre-tax income is substantial, especially with overtime, so it seems like we could reach the cap fairly quickly. If we can save $50k (the maximum you can withdraw for this scheme I believe), from each of us through the First Home Super Saver Scheme, that would be a decent house deposit.
We’re in a good position since we don’t have kids or debts (apart from HELP loans).
Are there any other things I am not considering? Any thoughts?