First Home
Buyer

First Home
Buyer

A helping hand for first home buyers

Getting your first home is one of the most exciting steps you'll ever take. The First Home Super Saver Scheme is a new incentive designed to help first home buyers save up to 30% faster through voluntary super contributions.

How can the scheme help me?

The First Home Super Saver Scheme could boost your savings up to 30% faster, compared with saving through a standard deposit account. As an individual, you can make voluntary contributions of up to $15,000 per year and $30,000 in total, within existing contribution caps, to your superannuation account to go towards purchasing your first home. First home buyers can apply to have their additional super contributions released from 1 July 2018.

Super Saver Estimator

This Estimator indicates the potential benefit of the Government's First Home Super Saver Scheme. The estimator compares outcomes of saving for a first home using annual pre‑tax contributions to superannuation (of up to $30,000 and no more than $15,000 in any single year) relative to saving the same amount (less tax at personal tax rates) in a standard deposit account. Personal circumstances may differ from the general estimates provided. Calculations based on the same amount invested each year as the value inputted in the annual salary sacrifice scroller.

For further information on how the First Home Super Saver Scheme works please see the fact sheet. For further details about the estimator please see disclaimer and assumptions.

Your circumstances

$300,000
$80,000
$15,000
$5,000

Your benefit

After 3 years of saving, an estimated $XXX will be available for a deposit under the FHSSS.

This is $XXX more than if the saving had occurred in a standard deposit account.

Note: If taxable income (less salary sacrifice contributions) is below $20,542, saving for a home through superannuation using concessional contributions may not provide a tax concession. However, if you wish you can save through the scheme using non‑concessional contributions, which are not subject to tax at the time of contribution.

Am I eligible?

You are eligible if you have never owned property in Australia – this includes an investment property, commercial property, a lease of land in Australia, or a company title interest in land in Australia. You must also intend to live in the home you buy with money saved in the FHSSS. There are a number of other factors that determine eligibility – you can find out more below.

How does it work?

You should be able to contribute into your regular super account. It is also possible to contribute into more than one fund. Before you start saving:

  • Check that your nominated super fund/s will release the money. (FHSSS contributions may not be released from defined benefit interests or constitutionally protected funds.)
  • Ask your fund about any fees, charges and insurance implications that may apply.
  • Be aware that if you receive FHSSS amounts, you will receive a payment summary. You will need to include the assessable amount in your tax return.