The First Home Super Saver Scheme, Explained

The First Home Super Saver Scheme lets you make voluntary contributions to super, then withdraw them, plus deemed earnings, to buy your first home. The point is tax: contributions and earnings are typically taxed at concessional rates rather than your full marginal rate.

The mechanics

You can withdraw eligible voluntary contributions up to $15,000 per year and $50,000 in total per person, a couple can each use the cap. Compulsory employer contributions are not withdrawable. The release goes through the ATO and takes time, so it needs to be planned before you sign a contract, not after.

Who it suits

Steady savers on middle or higher incomes with a buying timeline of a year or more. The higher your tax rate, the more the concessional treatment adds compared with a bank account.

The fine print

Rules change, timing matters, and the ATO paperwork trips people up. This article is general information, not tax advice, check the ATO’s current terms or ask your accountant before relying on the scheme.

The FHSSS pairs well with the 5% deposit pathway. Model the gap first with the deposit calculator, then talk to Charles about the sequence.

General information only, not credit, legal or tax advice. Your situation is assessed properly before any recommendation. Government scheme details change; figures are current at the time of writing.