The First Home Super Saver (FHSS) scheme allows you to save money for your first home inside your super fund. This will help first home buyers save faster with the concessional tax treatment of superannuation.
Superannuation concessional contributions, like salary sacrifice are taxed at just 15%, offering a tax advantage over regular income. However, when withdrawing under the First Home Super Saver scheme, only 85% of these contributions can be accessed, as the remaining 15% covers the tax already paid. For more details, visit the ATO’s guide on concessional contributions.
Under the scheme, you can contribute up to $15,000 per financial year, and up to a maximum of $50,000 across all years, to be withdrawn and used as a deposit on your first home.
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| Make extra contributions to your super deposit. | Apply to the ATO under the FHSS to release your super. | Get a home loan and buy your home within 12 months of your application. |
Who is eligible for the scheme?
To qualify for the FHSS scheme:
- You must be 18 years or older to access your super contributions.
- Have never owned a property in Australia, including an investment property.
- Do not use the funds to purchase a houseboat, motor home, or vacant land.
- Use the scheme only once.
You may still be eligible for the FHSS even if you have previously owned a property in Australia under the financial hardship provision. Visit the Australian Tax Office (ATO) website to learn more about this.
There are many rules around this scheme and we recommend you visit the
ATO website for further details.
Below is a brief outline of just some of the rules associated with this scheme.
There are limits on how much you can save
As of 2025, the annual limit remains at $15,000, with a lifetime cap of $50,000
Each person has an annual contribution limit
FHSS rules apply per person. Couples can both use the scheme, but each must stay within their individual concessional and non-concessional contribution caps to avoid additional tax.
What’s new in 2024–2025?
As of 15 September 2024, changes to the FHSS scheme have made it more accessible for some individuals. These updates allow certain people who were previously unsuccessful in releasing funds under the scheme to now access eligible amounts. This adjustment aims to improve flexibility and ensure more first-home buyers can benefit from their voluntary super contributions when entering the property market.
For full details, visit the ATO’s 2025 FHSS changes page.
Your super fund is not in charge
The ATO – not your super fund – decides what super contributions count towards the FHSS and the associated earnings. The ATO then advises your super fund on the amount that can be released when you submit an application to withdraw your deposit savings.
You can buy a property with someone else
You can still access your FHSS savings even if you purchase a house with someone who is not a first homebuyer, and you want to buy your new family home in both names.
Eligibility for the FHSS is assessed on an individual basis. This means couples, siblings or friends can each access their own eligible FHSS contributions to purchase the same property. If any of you have previously owned a home, it doesn’t stop anyone else who is eligible from applying.
What happens if I have accessed the FHSS but don’t buy a home?
If you don’t sign a contract to purchase or build a home within 12 months of receiving your FHSS funds, you can:
- Apply for a 12-month extension,
- Return the funds (minus tax withheld) to your super,
- Or keep the funds and pay a FHSS tax.