The Australian Government First Home Super Saver Scheme
First Home Super Saver Scheme (FHSSS)
The First Home Super Saver Scheme (FHSSS) is an Australian Government initiative, administered by the Australian Taxation Office (ATO), designed to help first home buyers save for a deposit faster by using their superannuation.
Under this program, you can make voluntary contributions to your super fund and later withdraw those savings to put towards your first home. This approach offers two major benefits:
- Tax advantages: Contributions are taxed at a lower rate than regular income.
- Faster savings growth: Your money is invested within your super fund, potentially earning more than a standard savings account.
By leveraging the FHSSS, you can boost your deposit and take a significant step toward buying or building your first home in Victoria.
The First Home Super Saver Scheme is an Australian Government initiative, administered by the Australian Taxation Office (ATO), designed to help first home buyers save for a deposit faster by using their superannuation.
Under this program, you can make voluntary contributions to your super fund and later withdraw those savings to put towards your first home. This approach offers two major benefits:
- Tax advantages: Contributions are taxed at a lower rate than regular income.
- Faster savings growth: Your money is invested within your super fund, potentially earning more than a standard savings account.
By leveraging the FHSSS, you can boost your deposit and take a significant step toward buying or building your first home.
Once you have saved enough of a deposit to buy or build your first home you may want to consider taking advantage of the Australian Government 5% Deposit Scheme or the Australian Government Help to Buy Scheme.
Eligibility criteria
The eligibility criteria are very generous
- You must be 18 years of age or older
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Have never owned property in Australia
“Which includes an investment property, vacant land, commercial property, certain leases of land, or a company title interest in land. There is one exemption under the financial hardship rules.” -
You plan to live in home you buy or build
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Your voluntary super contributions are eligible
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You have not already withdrawn money through the Scheme
“For full eligibility and more information about the Scheme, visit the ATO website.”
You can
The Scheme allows you to
- Contribute up to $15,000.00 per year in extra voluntary contributions into your super fund
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You can withdraw a maximum of $50,000.00
“When it’s time to purchase your home, you can withdraw up to $50,000 from your superannuation fund under the First Home Super Saver Scheme.”
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Take advantage of lower tax rates by participating in the scheme
How The First Home Super Saver Scheme works
The First Home Super Saver Scheme (FHSSS) allows you to make voluntary contributions to your super fund on top of your employer’s payments. These contributions can be:
- Before tax through salary sacrifice, or
- After tax as personal contributions.
You can contribute up to $15,000 per financial year and $50,000 in total.
When you’re ready to buy, you can apply to withdraw your savings plus associated earnings to use towards your first home deposit. The ATO will confirm the amount you can access, and you must request an FHSS determination before property ownership transfers.
Good news: Couples, friends, or siblings can each access their own FHSS savings to buy the same property.
Before you start, make sure you understand:
- Eligibility requirements
- How to access your savings
- Whether your super fund participates in the FHSSS
For more information on the Scheme go the Fact Sheet.
The Scheme is designed to help
The Scheme is designed to help Australian first home buyers save their deposit and enter the property market sooner.
