First Home Super Saver Scheme (FHSSS) Explained
- marketing60313
- Sep 5
- 1 min read
Saving a deposit through ordinary bank accounts can be slow. The First Home Super Saver Scheme lets first‑home buyers make voluntary contributions to their superannuation and then withdraw those contributions (plus earnings) when purchasing their first home. Moneysmart notes that you can withdraw up to $15,000 per financial year and $50,000 in total moneysmart.gov.au. Because super contributions are taxed at 15 %, you may benefit from a lower tax rate than your marginal income tax rate.
How it works
Make voluntary concessional or non‑concessional contributions into your super fund.
Apply to the ATO for a determination and then a release when you’re ready to buy.
Withdraw the amount (plus earnings) to use as part of your deposit.
Considerations
Only voluntary contributions count toward the scheme; your employer’s super guarantee doesn’t.
You must buy a home within 12 months of withdrawing (or apply for an extension).
Seek advice from a financial planner or broker to ensure the scheme suits your circumstances.
Using the FHSSS in conjunction with the Home Guarantee schemes can supercharge your deposit saving efforts. A broker can help coordinate the timing and ensure your contributions are tracked correctly.