If you're planning to purchase your first home, the Super Saver Scheme offers an excellent opportunity to boost your deposit by accessing your personal super contributions. Here's how it works and what you need to know.
Super Saver Scheme for First Home Buyers
How It Works
The First Home Super Saver Scheme (FHSSS) allows you to use your superannuation to help save for your first home.
This scheme enables you to withdraw voluntary contributions from your super and use them towards your home deposit, provided you meet the eligibility criteria. Once you're ready, you can apply to release up to $15,000 from one financial year, with a maximum of $50,000 across all years (for contributions made from 1 July 2017), plus any associated earnings.
If you're buying a home with someone else who is also eligible for the scheme, together, you could potentially contribute a total of $100,000 towards your deposit from your super.
It's important to remember that these must be voluntary contributions, separate from the Super Guarantee (SG) contributions made by your employer. Voluntary contributions include salary sacrifice and personal contributions.
Who Is Eligible?
To qualify for the First Home Super Saver Scheme, you must:
- Be aged 18 years or older
- Have not previously owned property or vacant land in Australia (including investment properties)
- Have not already used this scheme to access your super
- Be currently house hunting or looking to buy or build a property within the next 12 months
- Plan to live in the property for at least 6 of the first 12 months you own it
Additionally, you must buy a property or vacant land in Australia, not a mobile home (e.g., caravan, RV motorhome, houseboat, tiny house).
Find out more
To learn more about the First Home Super Saver Scheme, refer to the Australian Taxation Office website. This resource provides detailed information to help you navigate the process and make the most of this opportunity to save for your first home.By leveraging the FHSS scheme, you can significantly boost your home deposit and take a major step towards owning your first home.
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