First home super saver scheme

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The first home super saver (FHSS) allows individuals to save up for their first home in their super fund. The money saved in the super fund is taxed concessionally and therefore, individuals are able to save faster. 

Individuals can make voluntary concessional (before-tax) or voluntary non-concessional (after-tax) contributions into their super fund. They can then apply for those contributions to be released. This also releases any earnings associated with those contributions. 

This scheme can only be used by a first home buyer if both of the following apply: 

  • They are living in the premises they are buying/intend to buy (when practicable)
  • Intend to live in the property for at least 6 months within the first 12 months (when practicable to move in) 

The eligibility criteria to participate in FHSS is as follows: 

  • Make super contributions from any age BUT only request a determination or release of amounts after 18 years of age
  • Never have owned a property in Australia (includes investment property, vacant land, commercial property, lease of land in Australia, company title interest in land in Australia) other than if there has been financial hardship as deemed by the Commissioner of Taxation.
  • No previous request to the Commissioner to issue an FHSS release authority in relation to the scheme. 

Eligibility is assessed on an individual basis; couples, siblings, or friends can access their FHSS contributions to purchase the same property.

There are many other considerations for FHSS which individuals should take into account if they plan to use the scheme. 


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