Fast track saving for your first home

You can now use your super account to save for your first home under the government’s First Home Super Saver Scheme.

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 as super gets
special tax treatment
.

Why use Super to save for a home?

Super is only taxed at 15%. When you use a bank account to save you’re taxed at your individual tax rate – this could be anywhere from 21% to 45% (if you earn above the tax-free threshold). When you save using super, you’re only taxed at 15%, which is often significantly less.

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.

What type of contributions count towards the scheme?

  1. 1Salary sacrifice contributions or
  2. 2Personal after-tax contribution (e.g. when you transfer money from your bank account into your super account).
All other contributions e.g. employer contributions don’t count towards your deposit.
You will be able to withdraw 85% of your salary sacrifice contributions or 100% of your personal after-tax contributions,
plus earnings
on these contributions.

How do I withdraw my money for my deposit?

As this scheme is managed by the Australian Taxation Office (ATO), you need to apply to the ATO to have your money released. Once approved you will be able to withdraw your contributions plus the earnings on your money.

Are there eligibility requirements?

Yes, to be eligible to have the deposit released:
  • aYou must be 18 years of age or over – however you can start saving at any age;
  • bYou must be intending to purchase a residential home or land you intend to build a home on;
  • cYou must not previously have owned property in Australia
  • dYou must not have previously accessed your super under the FHSSS arrangements
  • eYou must also live, or intend to live, in the premises you are buying as soon as practicable; for at least six months of the first twelve months you own it, after it is practical to move in.
For more information check out the ATO website.

How do I get started?

It’s easy to start saving, all you need to do is:
  1. 1Join Professional Super and add your TFN
  2. 2Click on “My personal contributions” from the menu to find your payment details.
  3. 3Log into your online banking and use the payment details to make a transfer.

Start saving for your first home today!

We're here to help

I’m Despina from the Member Services Team at Professional Super. My team can answer any questions you may have about using super. Just give our team a call on 1300 646 960 or chat with us online.