Buying your first home
The First Home Super Saver Scheme (FHSSS) was introduced by the Australian Government in the Federal Budget 2017–18
The First Home Super Saver Scheme (FHSSS) allows individuals to make ‘eligible contributions’ to their super fund from 1 July 2017, which can then be withdrawn (including earnings) at a later stage for the purpose of purchasing their first home.
Generally, any voluntary contributions above minimum mandated amounts—such as salary sacrifice and additional personal contributions—will be classed as eligible contributions. In order to access the funds, the ATO will need to issue a Release Authority, which will specify the maximum amount that can be accessed. However, the scheme rules will determine how much can be released, which may be an amount less than specified in the Release Authority. You should not enter into any contracts until CSC has confirmed with you the amount able to be released under scheme rules.
For information about FHSSS and eligible contributions, visit the ATO website.
You can also use the FHSSS calculator to see if the First Home Super Saver Scheme might be right for you.
Important note for MilitarySuper members
While some contributions paid into MilitarySuper may be classed as eligible contributions under the FHSSS, the MilitarySuper Trust Deed does not currently allow the release of these contributions. Please contact us if you are contemplating making contributions. Importantly, please note, even if the ATO issues you with a Release Authority, CSC will be unable to comply with this request until a legislative change occurs.
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