First Home Super Saver Scheme (FHSS): Save Smarter Through Super
Christian Stevens, Mortgage Broker
Published January 31, 2025, 2:10 p.m ET
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🔑 Key Facts
- The First Home Super Saver Scheme (FHSS) allows eligible first home buyers to save for a deposit using their superannuation.
- You can contribute up to $15,000 per year and withdraw up to $50,000 in total (or $100,000 for couples).
- Contributions are taxed at just 15%, which is lower than most people’s income tax rate.
- The scheme can help first home buyers save faster by leveraging the super tax structure.
- Flint helps buyers plan FHSS strategies alongside their home loan goals.
What Is the First Home Super Saver Scheme?
The FHSS scheme allows you to make voluntary contributions to your super fund — and later withdraw those funds to use as a deposit on your first home.
Because super contributions are taxed at a concessional rate of 15%, this can boost your savings power compared to regular savings accounts, especially if you’re on a higher income.
You can contribute:
- Up to $15,000 per financial year
- Up to $50,000 total per person ($100,000 per couple)
Who Is Eligible for the FHSS Scheme?
To qualify, you must:
- Be 18 or older
- Have never owned property in Australia (including investment or commercial)
- Intend to live in the property you buy (not for investment)
- Be an Australian citizen or permanent resident
- Intend to live in the property as your principal place of residence
You can only use the scheme once, and you must apply for a FHSS determination through the ATO before withdrawing your funds.
How to Use the FHSS Scheme Step-by-Step
- Make voluntary contributions (salary sacrifice or after-tax) into your super
- Apply to the ATO for a FHSS determination — this tells you how much you can withdraw
- Request a release of funds from the ATO
- Use the withdrawn funds to purchase your first home within 12 months
Benefits of Using FHSS to Save
- Boost savings power through lower tax: Contributions are taxed at 15% (vs your income tax rate)
- Access up to $50,000 per person: Great for couples saving together
- Faster pathway to deposit goal: Reduces reliance on high-interest savings accounts
- Can be used with other schemes: Combine FHSS with FHBG, FHOG, and stamp duty concessions
Things to Keep in Mind
- Strict timing rules: You must buy within 12 months of fund release (or apply for an extension)
- ATO handles the process: You’ll need to deal with the ATO directly to apply and withdraw funds
- Not available for investment purchases: You must live in the property for at least 6 months
📞 Want to Save for a Home Deposit Using Super?
At Flint, we help first home buyers:
- Understand how FHSS fits into their buying timeline
- Combine FHSS with other grants and loan strategies
- Plan ahead for release timing and loan pre-approval
Talk to Flint today and let’s fast-track your first home savings — the smarter, tax-effective way.
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