What is the First Home Super Saver Scheme (FHSSS)?
The FHSSS was introduced by the Australian Government to help people save for their first home. You can now use your super account to save for a deposit, which will help you save faster.
Why use super to save for a home?
- 1Earn more money – money saved using the First Home Super Saver Scheme earns higher interest than you’d earn in a savings account. – 4.96% vs 1.5% p.a.1
- 2Save tax – super is taxed at 15%. Interest earned in a savings account is taxed on your personal income tax rate.
- 3Savings discipline – you can’t touch your contributed savings until you’re ready to buy a home.
How much can I save using super?
You can add up to $15,000 per financial year into your super account to go towards a deposit. The maximum amount you can save is $30,000 for your first home deposit.
How do I get started?
It’s easy to start saving, all you need to do is:
- 1Join Professional Super and add your TFN
- 2Click on “My personal contributions” from the menu to find your payment details
- 3Log into your online banking and use the payment details to make a transfer.