First Home Super Saver Scheme The First Home Super Saver (FHSS) scheme allows eligible first home buyers to save faster for their first home within their super fund. This scheme is highly beneficial to first home buyers due to the favourable tax treatment of super, meaning that you will be able to save for your deposit faster whilst potentially reducing the amount of tax needing to be paid. How does the FHSS scheme work? The FHSS scheme allows you to make voluntary contributions into your super fund, and then later apply to have these contributions released for a home deposit, along with the associated earnings. The two types of contributions you can make towards the FHSS scheme include:
- voluntary concessional contributions – including salary sacrifice amounts or contributions for which a tax deduction has been claimed.
- voluntary non-concessional contributions – these are made after tax or if a tax deduction has not been claimed.
- have never owned a property in Australia; and
- have not previously requested an FHSS release; and
- live, or intend to live, in the premises you are buying, and intend to live there for at least 6 months within the first 12 months that you own it.
- have an FHSS determination before you sign; and
- make a valid release requestion within 14 days of entering the contract.