The FHSS Scheme is designed to help first home buyers save 30% faster towards a home deposit by making voluntary superannuation contributions. Interested?
Thinking about purchasing your first home? The First Home Super Saver (FHSS) Scheme could help you secure the deposit – by saving into your super.
How does it work?
The FHSS Scheme is designed to help first home buyers save 30% faster* towards a home deposit by making voluntary superannuation contributions. The intention is to withdraw the contributed funds (along with deemed earnings) when you’re ready to enter the housing market.
From 1 July 2018, any voluntary contributions you’ve put into super since 1 July 2017 along with deemed earnings can be withdrawn for a home deposit.
You can use the Government’s FHSS Scheme online estimator to compare the outcomes of saving for a first home using the FHSS Scheme versus using a standard bank deposit account.
These voluntary contributions can be those you made from your before-tax pay (think salary sacrifice) and non-concessional contributions you made from your take-home pay. Employer compulsory contributions, such as Superannuation Guarantee (SG) contributions don’t count towards the FHSS Scheme.