About the scheme
The First Home Super Saver (FHSS) scheme enables you to use voluntary contributions from your superannuation to put towards your deposit, helping you to buy your first home sooner.
Who is eligible?
To be eligible to withdraw from your superannuation under the FHSS scheme, you must:
- not have owned property in Australia before
- be aged 18 years or older; and
- have not previously had an amount released from superannuation under this scheme.
What super contributions are eligible?
Only voluntary contributions can be accessed as part of the FHSS scheme.
Certain types of contributions are not eligible to be withdrawn under the FHSS scheme, including:
- compulsory employer contributions (eg: Superannuation Guarantee)
- spouse or child contributions
- Government co-contribution
- Contributions made by another individual or entity on your behalf (except where your employer makes additional contributions for you under an agreed salary sacrifice arrangement), and
- voluntary contributions to defined benefit funds or constitutionally protected funds.
How much of my super can I contribute towards the amount to be withdrawn under the FHSS scheme?
All contributions to super will count towards the ordinary contribution caps that apply.
The maximum amounts you’re able to contribute (within the ordinary caps) and withdraw as part of the FHSS scheme are:
- $15,000 per financial year, and
- $30,000 in total.
How do I apply?
If you’ve made eligible voluntary contributions, you meet other eligibility rules and you wish to apply to access funds to purchase a home, you’ll need to follow some important steps.
First of all you’ll need to request a determination from the ATO directly, which will tell you how much you’re eligible to withdraw from super under the scheme. You can then make an application to the ATO to withdraw an amount.
It is also important to be aware that there are some important timing requirements that relate to when you need to submit your application for a determination and withdrawal from the ATO and when you’re able to sign a contract.
Also, once your funds are released, there are some additional obligations you’ll have, which include:
- entering into a contract to purchase or build your home within 12 months (may be extended by the ATO)
- notifying the ATO once you’ve entered into a contract, or
- if you don’t enter into a contract within the required timeframe, you’ll need to either recontribute the funds to superannuation, or pay additional ‘First Home Super Saver Tax’. You won’t be eligible to apply for a release in the future under the scheme.
For more information on the FHSS scheme, see ato.gov.au, opens in new window. You may also wish to confirm with your super fund that they will participate in the scheme.
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The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial and taxation advice before acting on any information in this article.