The first home super saver (FHSS) allows individuals to save up for their first home in their super fund. The money saved in the super fund is taxed concessionally and therefore, individuals are able to save faster.
Individuals can make voluntary concessional (before-tax) or voluntary non-concessional (after-tax) contributions into their super fund. They can then apply for those contributions to be released. This also releases any earnings associated with those contributions.
This scheme can only be used by a first home buyer if both of the following apply:
The eligibility criteria to participate in FHSS is as follows:
Eligibility is assessed on an individual basis; couples, siblings, or friends can access their FHSS contributions to purchase the same property.
There are many other considerations for FHSS which individuals should take into account if they plan to use the scheme.