Plan First Home Super Saver salary sacrifice contributions using ATO rules, including the 85% release ratio, deemed earnings (SIC rate), 30% tax withdrawal offset, and the annual and lifetime contribution caps. The calculator also includes a couple optimiser to model how splitting contributions between two people may accelerate your combined deposit savings.
What is the First Home Super Saver (FHSS) scheme?
The FHSS scheme lets you make voluntary contributions into your existing super fund, then withdraw those contributions later to use as a home deposit. Because super contributions are generally taxed at 15% rather than your regular income tax rate, you may end up with more money toward your deposit than if you saved the same amount in a bank account - though how much you benefit depends on your income. The ATO administers the scheme, and your super fund handles the contributions on their end.
How much can I contribute under FHSS?
You can contribute up to $15,000 in FHSS-eligible voluntary contributions per financial year, and up to $50,000 in total across all years. These limits apply per person, so two people buying together could potentially access up to $100,000 combined. Keep in mind your contributions also count toward the annual concessional contributions cap of $30,000, which includes your employer's compulsory super payments.
How much can I actually withdraw, and what tax do I pay on it?
Only 85% of your eligible concessional contributions can be released, plus deemed earnings calculated at the ATO's Shortfall Interest Charge (SIC) rate. When you withdraw, the assessable amount is added to your taxable income for that year, but the ATO applies a non-refundable 30% tax offset on the FHSS amount, which often reduces the effective tax rate significantly. The calculator shows the breakdown of your releasable amount, estimated withdrawal tax, and your estimated net cash after tax.
Who may be eligible for FHSS?
To potentially access the FHSS scheme, you generally need to be at least 18 years old, have never previously owned property in Australia, and have never made a prior FHSS release request. You also need to intend to live in the property as your home for at least 6 of the first 12 months after you gain access to it. The ATO makes the final eligibility determination when you apply for a release.
Does FHSS make sense if I earn a lower income?
The tax benefit of FHSS comes from the difference between your marginal income tax rate and the 15% contributions tax rate inside super. If your income is below around $45,000, the gap between those rates is smaller, which means the tax saving is more modest. If your taxable income is below the tax-free threshold ($18,200), there may be no tax saving at all since you are not paying income tax on that amount anyway. The calculator estimates your tax saving based on your income so you can see whether it could be worth it for your situation.
How long does the FHSS release process take?
Once you have exchanged contracts on a property (or in some cases before exchange), you need to apply to the ATO for a FHSS determination before requesting the release. The ATO typically takes around 10 business days to issue a determination and up to 25 business days to release the funds after you make the request. This timeline matters for settlement planning, because the funds need to reach you before settlement.
Can my partner and I both use FHSS for the same purchase?
Yes, each eligible first home buyer has their own FHSS balance and can make contributions independently. If you are buying with a partner, you each have a separate $15,000 annual cap and $50,000 lifetime cap, so the combined potential release could be up to $100,000 plus deemed earnings across both people. The calculator has a couple mode that estimates the combined outcome for both incomes side by side.