First Home Super Saver Scheme

How the First Home Super Saver Scheme (FHSS) works

It’s simple really. Eligible people can make voluntary 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 satisfy all the following conditions:

• You must genuinely intend to occupy the property as a home as soon as practicable after purchase and do so for at least 6 of the first 12 months from when it is practicable to occupy it.

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 18 years old or older
• You are a first home buyer, having never owned property (including an investment property, vacant land, a lease of land, or company title interest in land or commercial property) in Australia
• Have not previously requested an FHSS release request
• Your name must be on the title of the property you buy

*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 $50,000 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.  Note there will be changes to the FHSS scheme to improve the operation of the scheme coming into effect from 15 September 2024.

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.