The Federal Government’s first home super saver (FHSS) scheme was introduced by the Federal Government in 2017/18. The scheme lets you save money for your first home inside your super fund. You can make voluntary contributions into your super to help you save for your first home.
When the time comes to purchase your first home, you can apply to have those voluntary contributions you have made and their associated earnings released to you. According to the government, the FHSS scheme could boost your savings by 30 per cent compared with saving through a standard deposit account1.
You can make the following types of contributions towards the FHSS scheme:
- Voluntary concessional contributions – including salary sacrifice amounts or contributions for which a tax deduction has been claimed
- Voluntary non-concessional contributions – these are made after-tax or where a tax deduction has not been claimed.
You can apply for the release of voluntary contributions up to a maximum of $15,000 from any one financial year and $30,000 in total across all years, via your myGov account. From 1 July 2022 the total amount across all years will increase to $50,000.
Make sure you carefully read all of the information about the scheme on the ATO website to consider if this is a good option for you. It’s also important to note that accessing your money isn’t instant, so be sure to allow time for your super fund to process any withdrawal in line with signing contracts etc for your new home.