What is the First Home Super Saver (FHSS) scheme?

The FHSS scheme allows first home buyers to save for a deposit inside their superannuation fund. You make voluntary contributions to your super, which are taxed at a lower rate than your marginal income tax rate. When you are ready to buy, you apply to the ATO to withdraw those contributions (plus deemed earnings) to use as a home deposit. The scheme was introduced by the Australian Government to help first home buyers save faster.

How much can I withdraw under the FHSS scheme?

You can withdraw a maximum of $15,000 in voluntary contributions from any one financial year, and up to $50,000 in total across all years. Both concessional (pre-tax) and non-concessional (after-tax) voluntary contributions count toward these caps. On top of the contributions, you also receive deemed earnings calculated using the shortfall interest charge rate (90-day bank bill rate plus 3%).

Is the FHSS scheme worth it?

For most first home buyers earning above the tax-free threshold, the FHSS scheme is worth it. The main benefit is tax savings: concessional contributions are taxed at 15% on entry instead of your marginal rate (which could be 30%, 37%, or 45%). On withdrawal, amounts are taxed at your marginal rate minus a 30 percentage point offset. For someone on a 30% marginal rate contributing $15,000 per year for 3 years, the FHSS can provide several thousand dollars more toward a deposit compared to saving in a normal bank account.

What is the difference between concessional and non-concessional FHSS contributions?

Concessional contributions are made from pre-tax income (salary sacrifice or personal deductible contributions) and are taxed at 15% when entering your super fund. Non-concessional contributions are made from after-tax income and are not taxed on entry. On withdrawal, concessional amounts plus deemed earnings are taxed at your marginal rate minus a 30 percentage point offset. Non-concessional principal is returned tax-free, with only the deemed earnings component taxed. Concessional contributions generally offer larger tax savings for people in the 30% bracket and above.

How long do I need to save through the FHSS scheme?

There is no minimum saving period for the FHSS scheme, but each contribution must be held in your super fund for at least 12 months before it can be released. Practically, most people save through the FHSS for 1 to 4 years. With the $15,000 annual cap, it takes at least 4 financial years to reach the $50,000 total cap (assuming you contribute the maximum in 3 full years plus a partial year). You can request a FHSS determination from the ATO at any time once eligible contributions exist.

FHSS Calculator — First Home Super Saver Scheme

Calculate how much more you could save for your first home deposit using the FHSS scheme. Compare FHSS tax savings vs a normal savings account using 2025-26 ATO rates.

Last verified: 1 July 2025

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General information and estimates only — not financial, tax, or legal advice. Always verify with a licensed adviser or the ATO.

FHSS Calculator — First Home Super Saver Scheme

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