As house prices soar and we wait for the correction that should already have happened, here is a refresher on the First Home Super Saver (FHSS) Scheme.

This is a government-run initiative designed to help first-home buyers use their super to save for a house deposit.

What is the FHSS Scheme?

The scheme allows first-home buyers to make voluntary super contributions which can later be withdrawn and used as a home deposit.

  • A maximum of $15,000 of voluntary contributions can be made each financial year. These could be tax deductible concessional contributions (like your salary sacrifice or personal deductible contributions) which save you money and boost your savings! Or they can be Non-concessional (after-tax) contributions from your savings.
  • Before 1 July 2022, you can withdraw $30,000 (plus the interest earned) and after that date its $50,000 from the scheme.

What are the benefits?

  • You are saving for a deposit using your superannuation account, saving should be faster this way.
  • Using super will reduce the amount of tax paid and hence increase the amount of money you save.
  • Couples, siblings or friends can each access their own eligible FHSS contributions to purchase the same property.

 Other information:

  • Financial hardship provision, the FHSS may still apply to an applicant that has suffered losses in the ownership of all property interests.
  • Withdrawing these funds can take up to 25 days in most cases, and can only be done once.
  • Once withdrawn, first-home buyers have up to 24 months total (12 months + an automatic 12-month extension) to sign a contract to buy or build their first home.
  • Due to strict eligibility conditions, it is important to speak to a qualified professional before pursuing this product.
  • As with all financial products, potential risks need to be assessed for each individual.


General Advice warning: the information in this article is general in nature, it is not advice specific to your needs. If you want to act upon the information in this article then you should seek advice from a qualified professional. VJC WM accepts no liability to any party for acting from this information unless they have sought advice in a formal engagement with VJC WM for this purpose.