FHSS: The First Home Super Saver Scheme Explained
The First Home Super Saver Scheme (FHSS) lets first-home buyers in Australia save for a deposit inside their superannuation fund, then withdraw those voluntary contributions plus deemed earnings to buy a home — capturing super's concessional tax treatment on money that would otherwise be saved in a low-interest bank account.
2 min read · Updated June 2026
The appeal is tax. Voluntary concessional (pre-tax) contributions into super are taxed at 15% instead of your marginal rate, which can be 30-45% for many buyers. Salary-sacrificing your deposit savings into super under FHSS, then withdrawing them, means the government effectively tops up your deposit with the tax you would otherwise have paid.
You can contribute up to $15,000 of eligible voluntary contributions per financial year, and withdraw a maximum of $50,000 in total (plus associated deemed earnings calculated at the ATO's Shortfall Interest Charge rate). These voluntary contributions still count toward your normal super contribution caps, so coordinate FHSS with any employer salary sacrifice to avoid breaching the concessional cap.
The process: salary sacrifice (or make personal deductible contributions) into super, apply to the ATO for an FHSS determination, request a release, receive the funds, and sign a contract to buy or build within 12 months (extendable to 24). The withdrawn amount is taxed at your marginal rate minus a 30% offset — almost always lower than if you'd never used the scheme.
FHSS only works for genuine first-home buyers who haven't previously owned Australian property (limited hardship exceptions apply), and each individual has their own $50,000 cap — so a couple buying together can withdraw up to $100,000 combined. Only voluntary contributions count; the compulsory Super Guarantee from your employer cannot be withdrawn under FHSS.
FHSS pairs naturally with the broader first-home-buyer toolkit — state stamp-duty concessions, the First Home Guarantee, and a disciplined savings habit. The main downside is liquidity: money inside super under FHSS is harder to access than a high-interest savings account, and you must commit to buying within the contract window after release.
Richify models your FHSS tax saving versus a regular savings account at your marginal rate, and tracks your voluntary-contribution total against the $15,000 annual and $50,000 lifetime caps so you don't over- or under-shoot.
