A super way
to save for your
first home

Couple dancing
Couple dancing

This initiative allows you to take advantage of the special tax treatment your super savings enjoy.
Buying your first home is a big step for your future and owning a home could become a reality sooner
than you think.


A super way
to save for your
first home


You may have heard about the Government’s First Home Super Saver (FHSS) scheme. Use the calculator to see how you can save for your new home more tax effectively.

Calculate now

Here’s a summary of how it works:

 The FHSS scheme enables you to make extra contributions (on top of what your employer pays) into your super.

 You can use these extra contributions, plus the associated earnings, to help you purchase your first home.

 This means you may save on tax.

 When you’re ready to buy, apply to the ATO to withdraw your extra contributions.

How much can I save?

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You can contribute up to $15,000 per financial year, and $30,000 in total, towards the FHSS scheme. Any extra contributions you make to your super above this amount stay in your super until you retire or meet another condition of release.

You can use the FHSS scheme if you:

 are over 18.

 haven’t previously owned property in Australia (if you’ve experienced financial hardship, talk to the ATO as you        may still be eligible).

 have not already requested release of your super savings under the FHSS scheme.

What if I donʼt end up buying a home?

 You can deposit the assessable released amount back into your super.

 Or keep the money and pay the First Home Super Saver Tax which is calculated at 20% of the assessable                    released amount.



To find out more information download our handy fact sheet today

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