The First Home Super Saver Scheme (FHSS) is a newly introduced scheme to assist first home buyers to save for a deposit on their first home faster.


Superannuation is only taxed 15% so when you contribute to your super pre-tax, you save the difference between 15% and your normal tax rate which could be anywhere from 21% to 45%.


The scheme allows you to withdraw 85% of any salary sacrifice contributions to use as a deposit. You can also make contributions after-tax and the scheme allows you to withdraw 100% of those contributions plus any earnings on those contributions to use as a deposit on your first home.


Any payments made as a salary sacrifice or after-tax contributions from 1 July 2017 may be used under this scheme as your deposit. Those contributions may be applied for release from 1 July 2018 as long as you meet the eligibility criteria as follows:

  • you are a first home buyer;
  • you intend to live on the premises you are buying;
  • you intend to live in the property for at least six months within the first 12 months that you own it after it is practical to move in.


You are able to apply to release $15,000 of your voluntary contributions from any one financial year under the scheme up to a total of $30,000 across all years.

If you intend to request a release of these funds you should do so within plenty of time noting that it can take between 15 and 25 business days to receive the funds and you should apply for this release before you sign any contracts in case there is a problem.


For further information on the scheme please see the ATO website for the First Home Super Saver Scheme

If you need assistance as a first home buyer call us on (02) 8812 5459 or email us at hello@eConveyancingNSW.com.au