First Home Super Saver Scheme

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
• Couples, friends, or siblings can each access their own FHSS savings to buy the same property.

Is the First Home Super Saver Scheme right for me?

It’s important to take the time to understand if the Scheme can benefit you.

If you're saving for your first home, the First Home Super Saver Scheme could help you reach your goal sooner by making use of super’s tax benefits. It may suit you if you:

• want to be more disciplined about saving
• like the idea of saving in a tax-effective way
• are planning to buy your first home to live in, not an investment property.

It’s important to know if you’re eligible, how to access your savings, and whether your super fund supports the scheme - before you dive in.

Eligibility

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• not have already withdrawn money through the Scheme.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.