First Home Super Saver (FHSS) scheme
Boost your house deposit by saving through super
Saving for your first home just got easier
Looking to buy your first home? The Government’s First Home Super Saver (FHSS) scheme could help you grow your deposit faster, by saving through your super.
By making extra contributions into your super, you can benefit from investment earnings and tax savings, potentially boosting your savings by around 30% more than a standard savings account1.
Why save through super?
Grow your deposit faster
Your FHSS contributions are strategically invested for long-term growth. That means your money has the potential to earn investment returns too. Explore Your investment options.
Keep more of your money with tax-effective contributions
When you salary sacrifice (add to your super before-tax), your money is taxed at 15% which may be much lower than your usual income tax rate. This means more of your money goes towards your deposit.
Access your savings when you’re ready to buy
When you withdraw your FHSS funds, you’ll also receive a 30% tax offset. Learn more ato.gov.au
Every extra dollar today helps you get closer to your first home
See how much you could save, and how it compares to a standard savings account.
Access up to $50,000 (plus associated earnings) from your super to use for your house deposit
You can withdraw contributions you make into your super, including money that you add to your super before-tax, also known as salary sacrifice payments, or money you add from your take-home pay or after-tax salary.
You can apply to release up to $15,000 of your own contributions from any one financial year, up to a total of $50,000 across multiple years, plus any associated earnings referencing a rate of return deemed by the ATO2.
It's important that you continue to build your retirement savings while you are working, which is why you are not able to withdraw the contributions made to your super by your employer, or by anyone else including any spouse and government co-contributions.
Eligibility
You must:
- Be 18 or older
- Have never owned property in Australia (unless you meet the financial hardship criteria)
- Intend to live in the home for at least six months within the first 12 months of ownership
- Purchase a property or enter into a contract to build a home on vacant land in Australia within 12 months of applying for a request for release3.
There are rules around the type of property you choose to purchase, and eligibility is assessed on an individual basis. Make sure you understand the eligibility criteria and conditions of release before you start saving in your super. Visit ato.gov.au for more information.
Ready to buy?
When it’s time to purchase your home, you’ll need to apply to the ATO for a FHSS determination and request a release of your funds before the ownership of any property is transferred to you.
You can find the full release of funds process by visiting ato.gov.au
Start saving through super
Whether you contribute a little or a lot, every extra dollar today helps you get closer to your first home.
Footnotes
1 The Australian Government Treasury, 2019
2 There are rules around the type of property you choose to purchase, and eligibility is assessed on an individual basis. Make sure you understand the eligibility criteria and conditions of release before you start saving in your super.
Scheme rules will determine how much can be released, which may be an amount less than specified in the Release Authority. It's important that you don't enter any contracts until we've confirmed with you how much can be released under scheme rules. Associated earnings use a deemed rate of return based on the 90-day Bank Bill rate plus 3 percentage points.
3 You must request a FHSS determination before ownership of any real property transfers to you. This is generally following settlement of a property contract, including a contract to purchase vacant land.
Once ownership of real property has transferred to you, you're no longer eligible to request a FHSS determination. Keep in mind, you can only submit one FHSS release request, so it's important to include the total amount you wish to release.
FAQs
What is FHSS?
It’s a government scheme that helps you grow your house deposit by making extra personal contributions to your super. When you’re ready to buy, you can apply to withdraw your extra contributions (plus any associated earnings) to use towards your house deposit.
Why should I use it?
Using FHSS to save for your first home:
- Allows your money to be invested so it may grow faster than a standard savings account
- It’s designed to be tax effective, for example if you salary sacrifice, you’ll only pay 15% tax on your contributions, which may be much lower than your usual income tax rate.
- You can access up to $50,000 (plus associated earnings) to use for your deposit.
It’s worth using the FHSS calculator on our website to calculate if it’s the right option for you.
Am I eligible for FHSS?
To be eligible, you need to be:
- Be 18 or older
- Have never owned property in Australia (unless you meet the financial hardship criteria)
- Plan to live in the home for at least six months within the first 12 months of ownership
- Purchase a property or enter into a contract to build a home on vacant land in Australia within 12 months of applying for a request for release.
FHSS is for buying your own home, so if you’re planning to buy an investment property, you won’t be eligible.
If you want to know more on eligibility, visit ato.gov.au
What contributions are eligible?
- Only contributions you make to your super, either before or after-tax contributions.
- You are not able to withdraw the contributions made to your super by your employer, or by anyone else including any spouse and government co-contributions.
For more information on eligible contributions, visit ato.gov.au
How can I contribute to my super?
There are two ways:
- Before-tax (salary sacrifice) where you arrange with your employer to contribute to your super before-tax.
- After-tax by transferring money from your bank account directly into your super. To pay by BPAY, log in to CSC Navigator to access your CRN and biller code.
How much of my super can I access?
You may be able to withdraw up to:
- $15,000 of your own contributions from any one financial year,
- a total of $50,000 across multiple years,
- plus any associated earnings (referencing a rate of return deemed by the ATO).
ATO handles the release, and they’ll include a 30% tax offset when you withdraw.
Scheme rules may also determine how much can be released, which may be an amount less than specified in the Release Authority. It's important that you don't enter any contracts until we've confirmed with you how much can be released under scheme rules.
How do I withdraw my FHSS funds?
When it’s time to purchase your home, you’ll need to apply to the ATO.
- First, request a FHSS determination. This must be requested before ownership of any real property transfers to you. Once ownership of real property has transferred to you, you're no longer eligible to request a FHSS determination.
- Then apply to release your funds
- You have 12 months to sign a contract to buy/build a home.
You can find the full release of funds process by visiting ato.gov.au
Where do I start?
- Try our FHSS calculator to see how much you could save, compared to a savings account.
- Or book a 30-minute consultation with a CSC Super Specialist for general advice. This is included with your PSSap membership.
For full FHSS scheme eligibility requirements go to the ATO website. PSSap is issued by Commonwealth Superannuation Corporation (CSC) ABN 48 882 817 243 | AFSL 238069. Consider if this product is right for you. Read the relevant PDS and TMD on our website CSC.gov.au.