First Home Super Saver Scheme

How the First Home Super Saver Scheme (FHSS) works

It’s simple really. Eligible people can make voluntary concessional and non-concessional contributions into their superannuation fund to save for their first home.

Once they’re ready to buy, they apply to the Commissioner of Taxation to release their voluntary contributions.

As part of the scheme, however, first home buyers must:

• Either live in the premises they are buying, or intend to as soon as practicable, and
• Intend to live in the property for at least six months within the first 12 months they own it after it is practical to move in.

Who is eligible for the First Home Super Saver Scheme?

Eligibility is assessed on an individual basis. This means that even if a person has owned property before, they may be eligible for the scheme. It must be determined they suffered a financial hardship that resulted in them losing ownership of the property.

To be eligible, you must:

• Be over 18 years (this is the minimum age you can access your superannuation contributions)
• Have never owned property (including an investment or commercial property) in Australia
• Have not previously requested an FHSS release authority.

*A financial hardship provision applies to the scheme. This means that even if a person has owned property before, they may be eligible for the scheme if it is determined they suffered a financial hardship that resulted in them losing ownership of the property.

How much can you access?

There are limits to the amount of superannuation contributions you can access under the scheme.

First home buyers can apply for up to $15,000 of their voluntary contributions in a single financial year. And they can
apply for up to a total of $30,000 across all years. They will also receive earnings associated with those contributions.

How do you release your superannuation savings?

It’s a good idea to regularly check your superannuation balance to see how much you have saved. This will help you keep track of the maximum FHSS amounts you can have released.

When you are ready to have your voluntary superannuation contributions released, you need to apply to the Commissioner
of Taxation for a FHSS determination and release.

You can do this by applying online using your myGov account linked to the ATO.

For more information on First Home Super Saver Scheme (FHSS) visit the ATO site here.