First Home Super Saver scheme
About the First Home Super Saver Scheme
The First Home Super Saver Scheme is an Australian Government program administered by the Australian Taxation Office (ATO) that helps you save a deposit for your first home using your super.
This well-established program lets you make extra voluntary contributions to your super fund, you can grow your savings faster and take advantage of lower tax rates, all to help you buy or build your first home.
Up to $15,000 in voluntary contributions per year
$50,000 total is the maximum you can withdraw
18 years and older is the minimum age to apply
How it works
You can make voluntary contributions to your super (on top of what your employer already pays) – either before tax through salary sacrifice or after tax as personal contributions.
- You can contribute up to $15,000 per year and $50,000 in total
- When you’re ready to buy, you can apply to withdraw your savings plus associated earnings and use them towards your first home deposit. The ATO will let you know how much you can access. You must request FHSS determination before property ownership transfers.
- Couples, friends, or siblings can each access their own FHSS savings to buy the same property.
Eligibility Criteria
To use the First Home Super Saver Scheme, you must:
- be 18 years or older
- have never owned property in Australia (unless you qualify under financial hardship rules) – this includes an investment property, vacant land, commercial property, certain leases of land, or a company title interest in land
- plan to live in the home you buy or build
- have made eligible voluntary contributions into your super
- not have already withdrawn money through the Scheme.
For full eligibility and more information about the Scheme, visit the ATO website.
If you have any questions about the First Home Super Saver scheme, give Paul a call on 0437 555 503.
How do I get started?
- Check you are eligible before you start making contributions.
- You must be eligible when you apply for an FHSS determination.
- Check with your super fund that they will release amounts under the Scheme and check for any fees, charges or insurance impacts.
- Make eligible contributions to your super fund – either salary sacrifice (before tax) or personal voluntary contributions (after tax).
- You don’t need to notify your employer, super fund or ATO before contributing.
- You only need ATO approval to start making contributions if you intend to apply under the FHSS hardship provisions.
