Save faster with the First Home Super Saver scheme

Now owning your first home could become a reality sooner than you think. The Government’s First Home Super Saver (FHSS) scheme means you can use your super to help save for a deposit.

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Super speeds up saving

With the scheme, it’s like your money is in a powered up savings account. You can take advantage of special tax benefits through your super.

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Pay just 15% tax

Before-tax contributions are taxed at only 15%

Icon of Contribute and save up to $30,000

Contribute and save up to $30,000

That’s up to $15,000 a year towards the FHSS scheme

Here's how it works

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Find out if you're eligible

If you are 18 years old or older and have not previously owned a home in Australia or used the FHSS scheme before, you may be eligible. Check here

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Make extra contributions

On top of what your employer pays, you can make before-tax contributions like salary sacrifice, or after-tax personal contributions. There are limits on the amount you can contribute (see limits here).

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Apply to withdraw

When you’re ready to buy your first home, apply to the ATO to withdraw your extra contributions along with any associated earnings.

Try it for yourself using our calculator

See how you could use the FHSS scheme to own your first place faster.

Try it out

See how Carly bought her first home faster

A woman wearing headphones looks at her laptop screen A woman wearing headphones looks at her laptop screen

Carly saved an extra $7,351

26-year-old Carly is currently working whilst living at home with her parents and earns $65,000 a year, plus super. By using the FHSS scheme, she’ll be able to take advantage of the before-tax special treatment and potential super returns and arrange a salary sacrifice agreement with her employer to contribute $6,000 per year, allowing her to save for her first home faster. Here’s how the FHSS scheme can help her.

How Carly saved an extra $7,351 bar chart How Carly saved an extra $7,351 bar chart

How Carly saved an extra $7,351 with the FHSS scheme

Carly contributed $6,000 per year to her super under the FHSS After 5 years of contributing via FHSS, she saves $26,940 By saving via the FHSS, she saves an additional $7,351 to put towards her deposit
  Extra contribution (using salary sacrifice) Savings account
Year 1 $4,866 $3,841
Year 3 $15,231 $11,576
Year 5 $26,940 $19,588


*Case study assumptions:

  • Carly earns $65,000 per year.
  • Using salary sacrifice, she contributes $6,000 per year of before-tax income into her superannuation account.
  • After 5 years she has saved an additional $7,351 by choosing to use FHSS scheme with assumed associated earnings of 3.01%. This is compared with saving an after-tax income into a bank account with an interest rate of 0.1%.
  • Dollar-based administration fee and insurance premiums are ignored for the purpose of this calculation.
  • You should be aware that the value of your investments will rise or fall, and past performance is not an indicator of future performance.
  • These assumptions do not take into consideration the impact of inflation.

Start saving for your deposit today

It's easy to do. Find out what extra contribution option suits you most, then start saving for your first home faster.

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Get the facts

For more information, download this handy fact sheet.

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