What is the FHSS scheme (FHSSS)?
The First Home Super Saver (FHSS) scheme is a way of using super for a house deposit, if you’re buying your first home and you've added extra money to your super.
You can add voluntary contributions or extra savings to your super and then take out up to $15,000 in a financial year (total $50,000 across all years) when you're ready to buy.
And if you're buying together with someone else, they can also add to their superannuation and take out $50,000 towards the deposit – so up to $100,000 for a couple.
Eligibility criteria
Check these eligibility criteria to see if you can use the First Home Super Saver scheme:
At least 18 years old
Never owned property in Australia before (unless you lost your first property because of special circumstances or divorce)
Haven't already bought a house using this scheme
Plan to live in the home you buy for at least 6 months of the first 12 months you own it
Make voluntary super contributions to your super
How to apply for the FHSS scheme
There are a few steps to follow if you want to use the FHSS scheme and your superannuation to help buy your first home:
Add money to your super
You can only do this by adding voluntary contributions (direct debit or BPAY) or salary sacrifice to your super.
Prepare to buy a home
The ATO needs you to have a FHSS scheme determination before you apply for your super (step 3), before any property contract is completed (called settlement), and before the ownership of the real property transfers to you. Applying for home loan pre-approval can help you decide if you're ready to buy yet. Find out more with Moneysmart.gov.au.
Apply for FHSS scheme determination with the ATO
Click on the Australian Taxation Office (ATO) in myGov, then apply for a FHSS scheme determination. The ATO will let you know the maximum you can withdraw from your super.
Submit a release request to the ATO
You then apply for a release of super from the ATO in myGov.
Get your money
The ATO will ask your super fund to withdraw and send your FHSS savings to them and they may use it to pay off any outstanding debts you have with the ATO or the government. (This doesn't include a HECS/HELP student loan.) You'll need to include the withdrawn FHSS savings in your tax return.
Buy your home
You can now settle on a property for your first home. Congratulations! (If you don't manage to buy a home within 12 months, you can add the money back into your super account. You can then reapply to access it at a later date.)
File your tax return
Speak with your tax adviser about where to list your FHSS scheme amount, tax paid, and the tax offset in your tax return.
Is the FHSS worth it?
Deciding whether the FHSS scheme is right for you depends on things like your income, your normal tax rates, how soon you expect to buy, and much more. So it's a good idea to get personal financial advice first.
We can refer you to a financial adviser who can help you decide if it's a good idea based on your whole financial situation. Your membership with us also includes financial advice about the best way to make FHSS scheme contributions into your ART account.
FAQs about the Super Saver scheme
If you have questions about how the First Home Super Saver scheme works, or you'd like to be referred to a financial adviser, please call or email us.
