First Home Super Saver Scheme

It is a fact that owning a property in Australia is getting harder and harder, especially when you are looking to buy in major capital cities such as Sydney and Melbourne. One of the challenges is to save up your deposit. The First Home Super Saver Scheme (FHSS) was rolled out to help first home buyers save a bit quicker. The idea is to put money in your Super which gives you the concessional tax benefit.

How does it work?

Since 1 July 2017, you can make voluntary contributions to your Super before or after tax. You can take it out up to $30,000 for your concessional and non concessional contributions after 1 July 2018. The amount you take out has to be contributed by yourself specific for buying your first home after 1 July 2017.
The purpose of this scheme is to help Australians save faster for their first home, simply because you can have a concessional tax rate up to $25,000 for voluntary contribution every year. Please be aware that you can release up to 85% of your concessional contribution, not 100%.

Who’s Eligible?

  • You must never own a property in Australia before
  • You must not allied for release of fund of FHSS before
  • You must live in or intent to live in the property you are buying ASAP
  • You must live in the property for at least 6 month during the first 12 month period you own the property

How to Start

A few things you should double check before you start:

  1. Check your Super Fund will release the money
  2. Be clear what are the fees involved with your Super Fund
  3. Make sure your important information in your Super Fund matches with ATO
  4. Be aware it will affect your tax if you release and receive the FHSS amount.

Now everything is ready, you can make voluntary personal contributions by entering into a salary sacrifice arrangement with your employer.

If you want to know more about how to use your money effectively to buy your first home, get in contact with our team today.



You must apply for and receive a FHSS determination from ATO before signing a contract for your first home or applying for release of your FHSS amounts.