First Home Super Saving scheme
The First Home Super Saver (FHSS) scheme lets first home buyers save a deposit through their superannuation. The main advantage of the scheme makes it faster to save due to the concessional (before tax) treatment of super.
You can apply to have up to $15,000 of voluntary super contributions released from any one financial year to buy your first home. The scheme is capped at $30,000 across all years.
Superannuation guarantee contributions made by your employer, and spouse contributions cannot be released under the FHSS scheme
To be eligible for the scheme you need to be a first home buyer, and:
- live in the home you're buying, or intend to as soon as is practical, and
- intend to live in the home for at least 6 months within the first 12 months you own it