What is first home super saver scheme?
FHSSS lets first home buyers contribute up to $15,000/year (max $50,000 total) of pre-tax salary into superannuation, then withdraw it (plus earnings) for a first home deposit — saving income tax on the contributions versus saving in a regular bank account.
The First Home Super Saver Scheme (FHSSS) is a tax-advantaged way to save a first home deposit. Eligible savers make voluntary super contributions up to $15,000/year, capped at $50,000 total across years. Contributions are taxed at the concessional 15% super rate instead of marginal income tax (potentially 47%), and earnings on the contributions accrue inside super at concessional rates.
When ready to buy, the saver releases their FHSSS balance (contributions + deemed earnings) for a deposit. Tax on the released amount is the saver's marginal rate minus a 30% tax offset — effectively very low. The release request is processed by the ATO and Tax Office, not the super fund directly.
The arithmetic: a top-bracket earner saving $15,000/year via FHSSS retains about $12,750 after-15%-super-tax (versus $7,950 in a bank account after 47% income tax). Over 3 years that's $14,400 of extra deposit at no extra effort. Caveats: the scheme has bureaucracy (release request takes 15-25 business days), and only voluntary contributions count, not Super Guarantee.
FHSSS · first home super saver · super home saver scheme
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General information only — not personal financial advice. Verified against https://ratesniffers.com.au/glossary on 2026-06-01.