If you are looking to maximise your savings for a deposit on your first home the most tax efficient way to do this is using the First Homeowner Super Saver Scheme. You can voluntarily salary sacrifice additional superannuation contributions (i.e. it comes out of your pay before the tax is calculated) and this is kept in your superannuation fund (and should grow with a healthy investment strategy). When you need the funds for your first home you can draw them out of your superannuation for your deposit. Please note it’s only the additional superannuation you can draw out (not the super guarantee amounts paid by your employer).
Together with utilising the Australian Government 5% Deposit Scheme this will certainly help them get into a home sooner.
Useful links:
https://firsthomebuyers.gov.au/australian-government-5-percent-deposit-scheme
