The First Home Super Saver scheme (FHSS) allows first home buyers to save money for their home inside their super fund. Eligible first home buyers who make voluntary contributions into their super can withdraw these amounts (in addition to associated earnings / less tax) to help with a home deposit. If you’re eligible, the maximum amount of contributions that can be withdrawn under the scheme is up to $50,000, but you don’t need that much to get started!
FHSS eligibility requirements:
- You’re 18 years old or older
- You’ve never owned any property in Australia
- You have never had funds released from superannuation through this scheme
Eligible Personal Voluntary Super Contributions
- Even though you can’t withdraw until you’re 18, you can start saving before you turn 18.
- You can save a maximum of $15,000 per financial year.
- When you’re ready, you can withdraw up to $50,000 of saving across all years. (Completing a FHSS determination will tell you the maximum amount you can withdraw).