page top
Home / About / News and Media / Media Releases / Australian first home buyers are in the dark when it comes to the First Home Super Saver Scheme

Australian first home buyers are in the dark when it comes to the First Home Super Saver Scheme

Attention: open in a new window. Print

56 percent of Australians have never heard of the initiative, and amongst those who have, only a minority are aware of the details

Sydney, 09 May 2018: The First Home Super Saver Scheme (FHSSS) is failing to achieve cut-through in the public sphere, new survey findings reveal. The results of a nationwide survey commissioned by Gateway Bank, has found that more than half (56 per cent) of Aussies have not heard of or do not know if they have heard of the FHSSS.

The survey of over 1,000 Australians also revealed that of those who had heard of the scheme, only a minority (1 per cent) were able to correctly identify components of the scheme.  These findings unveil bleak insights into the FHSSS, which was introduced in the Federal Budget last year to reduce pressure on the housing affordability crisis, particularly for those looking to enter the property market for the first time.

Paul Thomas, CEO of Gateway Bank, believes that the public needs to be made aware of these initiatives if it is to benefit the Australian public on a wider scale.

“The scheme is a good idea in principle but in order to make a real impact, the government and industry needs to take action to ensure the public is not only aware of the scheme but are also educated on how they can take practical steps to take advantage of the initiative.” said Thomas. “It’s imperative to take an early intervention approach to education around the initiative, otherwise by the time first home buyers look into their first mortgage, it will be too late.”

Interestingly, Baby Boomers stood out as the generation most likely to be aware of the scheme (36 per cent), followed by Millennials (34 percent) and Gen X (30 per cent).

-END -

Media contact

For more information, please contact: 
Tasha Nabila - PR & Communications Manager
Gateway Bank
02 9307 4359 | 0449 539 654
TashaNabila@gatewaybank.com.au


About the research

The research, commissioned by Gateway and conducted by YouGov Galaxy, was compiled through an omnibus survey, which polled 1,015 respondents across Australia between 26-29 April 2018.

About Gateway Bank

Gateway Bank is one of Australia’s leading customer-owned banking institutions, serving as a trusted financial partner to its Members for over 60 years’. With over 30,000 Members across the nation, it offers award-winning personal banking products from home loans, car loans, and personal loans to fee free bank accounts, high interest savings accounts and term deposits. With a strong focus on empowering its Members to achieve their hopes and dreams, the Gateway name is synonymous with trust, transparency and reliability. To find out more visit www.gatewaybank.com.au