First Home Super Saver Scheme

Budgeting can be hard for some, and the notion of saving a few thousand dollars for your first home can seem impossible. Luckily, there is the First Home Super Saver Scheme!

If you are looking to buy your first home and could use a little help getting started on saving for your deposit, the First Home Super Saver Scheme could be just what you need. We will guide you through everything you need to know about the scheme so you can walk away with a little more peace of mind.

So, let’s get started!

What is the First Home Super Saver Scheme?

The First Home Super Saver Scheme (FHSSS) is a government initiative made to assist you in saving up for your first home.

Under FHSSS, first home buyers who make voluntary super contributions of up to $15,000 per financial year, can withdraw these amounts to help with a deposit on their first home.

If you’re eligible, you can apply for the scheme through the Australian Taxation Office (ATO) and withdraw roughly $30,000 to put towards your new home.

What is a voluntary super contribution?

Voluntary super is any additional money you put into your superannuation account about what your employer puts in on your behalf. There are a few ways you can voluntarily contribute to your super.

After-tax Contribution

This is when you make a contribution into your super using money from your regular bank accounts, post-tax.

Tax-deductible Contribution

These are similar to after-tax contributions, however you are able to claim a tax deduction on these in your tax return.

Salary Sacrifice Contribution

This is where you opt to have a portion of your pre-tax income paid into your super account by your employer.

This is an additional amount to what your employer would ordinarily deposit under the Superannuation Guarantee.

Why Use the Super Saver Scheme?

The aim of the FHSSS is to assist First Home Buyers to grow their deposit quicker, whilst also potentially reduce their tax.

Money that is withdrawn under the FHSSS that were contributed as tax-deductible contributions are taxed based on your normal marginal rate, less a 30% tax offset, while amounts contributed post-tax are not subject to additional tax.

The scheme will definitely help you in saving more, but it is important to remember you should try to combine the scheme with other savings you have accumulated as well.

What Are the Conditions of FHSSS?

  • You must purchase a residential property, including a land and build package
  • You will need to buy or build your home within 12 months of withdrawing your super. You can apply for an extension up to 24 months if needed
  • Once your home is able to be occupied, you must live in the property for at least 6 months
  • If you happen to use less of your super than you withdrew, then the remaining funds must be deposited back into your account, or you may incur a penalty
  • Voluntary super contributions are capped at $25,000 per year, however, under the FHSSS scheme, you are only allowed to contribute $15,000 per year

    Fast & Free Assessments

    I want to enquire about :

      Fast & Free Assessments

      I want to enquire about :

      • All
      • Asset Loans
      • Car Loans
      • Commercial Loans
      • First Home Buyers Loan
      • Home Loans
      • Investment Loans
      • Pre-Approvals
      • Refinance

      Will Increases in Brisbane’s Rent Effect Property Pricing

      Will Increases in Brisbane Property Rents Effect Housing Prices? Brisbane's rental market could have been described as a tenants market with rent falling for a few years in light of excess supply predominantly in the unit market. However, recent research from CoreLogic by, shows that this trend has changed and rental prices are on

      Things to Know Before Taking Out Your First Mortgage

      Things to Know Before Taking Out Your First Mortgage There is a lot to think about when purchasing a home, and its common for First Home Buyers to make simple mistakes. Don’t worry, you’re definitely not alone! That’s why we have created this guide to run through a few of the key things to remember

      Best Way To Save For A House

      Best Way To Save For A House Often the pace of life, prevents us from really understanding where our money goes each month.  The more we earn, the more we seem to spend and often rarely notice. Knowing where to start in cutting back your expenses, is the starting point to your journey that will

      Why Use A Broker?

      Why Use a Broker? Clients often are uncertain about the benefit of a Mortgage Broker or going direct to a bank. Below are some benefits worth considering. Mortgage Brokers have access to a number of different lenders; They can provide more options for loans than any one bank; They are 100% interested in getting the best

      Why Choose Brisbane Home Loans

      You're In Good Hands

      Brisbane Home Loans is all about good old fashioned personal service without exception.

      We Find The Right Deal For You

      We take the time to listen to your needs and then search the market for the best products that satisfies your needs at the lowest possible cost to you.

      Ongoing Comittment

      We continue to work for you after the deal is finished, ensuring that we asess any new offers that become available which may improve your current deal.

      One Stop Lending

      We give our clients access to Personal Loans, Home Loans, Investment Loans and Commercial Loans.  You always only deal with on person for all your lending services.

      How We Work With Our Clients

      We can meet clients in our office, in their home, their office or the local coffee shop. Our initial interview will helps us understand the clients needs in the short, medium and long term so that we can find the best possible lender for your loan.

      The world of financing continues to be more and more complicated. Our Lenders have experience in finding the right product to meet the specific needs of each of our clients.  During this phase, we identify two to three options that may be suitable.

      Our Lending Specialists will present to you a number of options available outlining  the differences, benefits and downfalls of each option presented. Our preferred option and reasons why, we consider this the best fit for you will be clearly explained.

      Our Lending Specialists work with our clients to have all documentsation signed, submitted to the lending institution and processed through to approval.

      We pride outselves on client service which is why our Lending Specialists establish a reasonable review timeframe where they touch base with our Clients to ensure everything is working as planned.  During this review, the client is made aware of any new financing options in the market.

      Brisbane Home Loans is not about one off loans. We truly care about our clients, which is why we stand by their side beyond the completion of the loan.

      What Does A Mortgage Broker Do

      Listen and Evaluate Your Needs
      Calculate How Much You Can Borrow
      Compare Options Available to You in The Market
      Provide You Expert Advice
      Do All The Leg Work
      Obtain Pre-Approval For You
      Create A Plan For You To Ensure Your Always Getting The Best Deal
      Most Importantly We Provide This at No Cost To You


      Request a call Back.

      Would you like to speak to one of our financial advisers over the phone? Just submit your details and we’ll be in touch shortly. You can also email us if you would prefer.

        Immediate Response: