The First Home Super Saver (FHSS) Scheme is intended to help first home buyers save money for their first home within their super fund.

The scheme lets you make voluntary contributions to your super, which you then can withdraw to buy your first home.

Withdraw up to $50,000 – plus the investment earnings

If you’re eligible, you can apply to the ATO to release up to $15,000 of voluntary contributions (both before-tax and after-tax) per financial year – up to an overall total of $50,000. You’ll also receive the earnings on those contributions. Where required, the ATO will automatically withhold tax – the amount of tax withheld will be shown on your payment summary from the ATO and you’ll need to include this amount in your tax assessment for the year in which you request the release.

Multiple people can access the FHSS Scheme to buy the same property, so couples, friends and family members could all be eligible.

You're also allowed to build a home with money from the FHSS Scheme. But keep in mind you won't be able to use the money from the FHSS Scheme if you've bought the vacant land before applying to the ATO to get your savings out. Also note, investment properties are excluded – the FHSS Scheme is intended for a house you are going to live in.

Short settlement period? Make plans now

Getting the money out usually takes around 15 to 25 business days, so keep this in mind if you think you'll need the money quickly for a deposit. You can apply to get your money out before signing a contract.

Once you withdraw money to buy a house, you have one year to use it.

You can find out more about the FHSS Scheme on the ATO’s website.

Your super can help you buy your first home