First Home Super Saver Scheme Calculator

The FHSSS allows eligible first home buyers to save for a deposit inside their superannuation fund. You can make voluntary contributions to super and later withdraw these contributions along with deemed earnings to help purchase your first home.

You can contribute up to $15,000 per financial year and up to $50,000 in total over your lifetime. These limits apply to voluntary contributions (both concessional and non-concessional) that you want to release under the scheme.

Deemed earnings are a notional return applied to your FHSSS contributions, calculated using a rate set by the ATO (currently 3.9% for 2024-25). This rate is applied from 1 July of the financial year after you made the contribution until the day before you apply for release.

You need to apply to release your FHSSS amount through the ATO. First, you apply for a determination of your releasable amount, then after receiving this, you can apply to your super fund to release the funds.

FHSSS withdrawals are taxed at your marginal tax rate minus 30%. For example, if your marginal tax rate is 32.5%, you'll pay 2.5% tax on the withdrawal. If your marginal rate is 30% or less, no tax is payable.

No, the FHSSS is only available to first home buyers. You and your spouse must never have owned property in Australia before. There are some exceptions for people who haven't owned property for a significant period.

You must sign a contract to purchase or construct your first home within 12 months of receiving your FHSSS amount. If you don't, you'll need to recontribute the money to super or pay additional tax.

Yes, if both partners are eligible first home buyers, they can each use their own FHSSS amounts toward the same property purchase, potentially accessing up to $100,000 combined.