First Home Super Saver Scheme (FHSS)

An easier way for first home buyers to save a deposit.

What is the First Home Super Saver Scheme?

Buying your first home can feel overwhelming especially when saving a deposit while paying rent and everyday living costs.

The First Home Super Saver Scheme (FHSS) is an Australian Government initiative designed to help first home buyers save for a home deposit faster by using their superannuation in a tax-effective way.

Instead of saving everything in a regular savings account, the FHSS lets you put extra money into your super, where it’s generally taxed at a lower rate. When you’re ready to buy, you can withdraw those savings (plus earnings) and put them towards your first home.

As a mortgage broker in Newcastle we regularly help first home buyers understand how the FHSS fits alongside their home loan options and broader buying plan.

How much can you save through the FHSS?

Under the First Home Super Saver Scheme, you can contribute:

Up to $15,000 per financial year
Up to $50,000 in total
Plus associated earnings calculated by the ATO

You must be 18 years or older to apply to release the funds, but you can start contributing earlier.

For couples, siblings or friends buying together, each eligible buyer can use their own FHSS savings toward the same property.

How the First Home Super Saver Scheme works

1. Make voluntary contributions to your super

These are contributions you choose to make on top of what your employer already pays.

2. Save using your super’s tax benefits

Because super is taxed differently to regular income, your savings can grow faster for some buyers.

3. Apply to withdraw when you’re ready to buy

When you’re ready to purchase or build your first home, you apply through the ATO to release your FHSS amount.

4. Use the funds for your first home deposit

The money is paid to you and used as part of your purchase or build.

Is the First Home Super Saver Scheme right for you?

The FHSS isn’t for everyone but it can be incredibly helpful in the right situation.

It may suit you if:

You’re a first home buyer saving for a deposit
You plan to live in the property (not buy an investment property)
You’re early in your savings journey and want to accelerate progress
You’re comfortable locking savings away until you’re ready to buy

It’s important to understand:

Your eligibility
How much you can realistically contribute
Whether your super fund supports FHSS withdrawals

This is where advice and planning really matter.

How to apply for your FHSS savings

Log in to myGov and access your linked ATO account
Request an FHSS determination before settlement
Review your contributions carefully using your super fund statements
Submit your FHSS release request when ready
Receive the funds into your nominated bank account

You must:

Notify the ATO within 90 days of signing your contract
Sign a contract within 12 months of requesting a release (extensions may apply)

Timing is critical, requesting the determination or release at the wrong point can delay or cancel access to your funds.

To use the First Home Super Saver Scheme, you must:

Be 18 years or older
Have never owned property in Australia
(including investment property, vacant land, commercial property or company title interests, unless you qualify under hardship provisions)
Intend to live in the home you buy or build
Have made eligible voluntary super contributions
Not have previously withdrawn money under the FHSS

You do not need to be an Australian citizen or permanent resident to use the scheme.

How we help first home buyers in Newcastle

As a mortgage broker in Newcastle, we help first home buyers look at the whole picture not just the loan.

That includes:

Whether the First Home Super Saver Scheme suits your situation
How FHSS fits with your deposit, borrowing power and grants
Timing your FHSS withdrawal with pre-approval and settlement
Making sure nothing is missed along the way

Buying your first home is a big step. Having the right support makes it clearer, calmer and far less stressful.

Want help understanding if FHSS is right for you?

We’re in your corner, helping you make confident, informed decisions so buying your first home feels achievable, not overwhelming.

Talk to one of our experts!

First Home Super Saver Scheme FAQs

You can make eligible FHSS contributions in two ways:

Salary sacrifice (before-tax):
An arrangement with your employer where part of your salary is paid into super instead of your bank account.

Personal voluntary contributions (after-tax):
Money you contribute yourself directly into your super fund.

Important things to know:

Employer super guarantee contributions do not count
Spouse contributions do not count
Contributions are counted when they reach your super fund, not when they appear on your payslip
You can contribute in lump sums or smaller regular amounts

When you apply, the ATO issues an FHSS determination showing your maximum release amount.

You can withdraw: