First Home Buyers Super Saver Scheme

Want to know if you're eligible for the new government first home buyers super saver scheme (FHSS)? Find out here how you may be able to save money for a deposit through your super.

The Australian Government introduced the First Home Super Saver Scheme (FHSS) to assist first home buyers.

The scheme allows first home buyers to save money for a deposit through their superannuation fund.

It will be administered by the Australian Taxation Office who will be responsible for ensuring that users of the scheme are first home buyers and that the funds withdrawn will be used to buy a property.

  • Using super to buy your first home - How does it work?

    An individual can have a portion of their pre-tax income salary sacrificed into their superannuation, and this will be taxed at the regular superannuation rate of 15%.

    Self-employed workers or those whose employer does not salary sacrifice can make their own contributions and claim a tax deduction.

    Individuals can also make voluntary contributions as long as they’re within the current superannuation caps.

    Under the scheme, first home buyers can only voluntarily contribute up to $15,000 per financial year, and $30,000 in total.

  • Who is eligible?

    To be eligible, individuals must:

    1. Be 18 years or older
    2. Have never owned property in Australia
    3. Have never used the FHSS scheme before

    Eligibility is based on an individual, which means that if someone is buying a property with another eligible person, they can each contribute their own FHSS funds. For example, a couple buying a home together can contribute up to $60,000 for a purchase.

    Individuals who have previously owned property in Australia may be eligible if they can prove they suffered a financial hardship that resulted in the loss of ownership of a property. They can apply for consideration from July 1.

  • When can the funds be used?

    From July 1, first home buyers that meet the eligibility requirements can dip into their super to access the funds they have contributed.

    These can be combined with their own other savings to be used as a deposit for a property purchase.

    The First Home Buyers Super Scheme funds will affect a person’s tax for the year in which they make the request to access them. They will receive a payment summary and they will have to include both the assessable and tax-withheld amounts in their tax return.

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