First Home Super Saver (FHSS) Scheme
Learn how eligible voluntary super contributions may help with a first home deposit, including annual limits, release amounts and timing checks.
Which contributions can be released
FHSS applies to eligible voluntary contributions, not all money in your super account. The ATO allows eligible contributions up to $15,000 per financial year and $50,000 in total to count towards the scheme.
The maximum release includes 100% of eligible non-concessional contributions and 85% of eligible concessional contributions, plus associated earnings calculated under ATO rules. It is not your actual super fund investment return.
Tax, contribution caps and timing matter
Salary sacrifice and personal deductible contributions may have tax advantages, but contribution caps, eligibility and release tax still apply. Do not divert emergency savings into super without understanding the release conditions.
Request an ATO determination and then release. For determinations on or after 15 September 2024, the contract must fall between 90 days before the release request and 12 months after it, unless an extension applies. This is not an absolute requirement to receive funds before signing. Check determination timing, notification duties and settlement funding with the ATO before committing.
Work backwards from your buying date
Ask your tax adviser which voluntary contributions are eligible and what the after-tax release could be. Ask your broker how your lender will evidence released funds and your deposit history.
FHSS is a savings mechanism, not a mortgage approval or a guarantee against LMI. Include stamp duty, conveyancing and other cash costs in your target, and keep an accessible emergency buffer.
This page is general information only and not financial advice. Lending criteria, rates and government schemes change — speak to an XLOANS broker for advice tailored to your situation. XLOANS is a Melbourne-based mortgage broking service.
Check the right option for your situation
Book a free 15-minute chat with an XLOANS broker. Eligibility and lender approval still apply.