Calculate your maximum FHSS release amount, tax savings, and how the scheme compares to regular savings. Includes contribution strategy and step-by-step withdrawal guide. AUD.
$
yrs
Maximum Releasable Amount
A$49,005
Net after release tax: A$47,780 · Tax saving vs regular savings: +A$14,909
Total Contributions
A$45,000
Deemed Earnings
A$4,005
Tax on Release
A$1,225 (2.5%)
Net to Deposit
A$47,780
Contribution Tax Saved
A$7,875
Annual Contribution Cap
A$15,000/yr
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Advanced
Advanced FHSS Analysis
How FHSS works step-by-step, tax advantage breakdown, vs regular savings comparison
The First Home Super Saver scheme lets you use voluntary super contributions to build your home deposit — inside the tax-advantaged super environment.
1
Make Voluntary Contributions
Contribute up to $15,000 per financial year as salary sacrifice or personal deductible contributions. These enter super at 15% tax (vs your 32.5% marginal rate). Maximum total FHSS contributions: $50,000.
2
Contributions Grow Inside Super
The ATO attributes earnings to your FHSS balance using a deemed rate (currently ~4.45% p.a.). Your actual super fund investment returns may be higher or lower — the deemed rate is for FHSS calculation purposes only.
3
Request FHSS Determination
Before signing a purchase contract, apply to the ATO for an FHSS determination. The ATO calculates your maximum releasable amount (contributions + deemed earnings, capped at $50,000). This is not a release — just a determination.
4
Request Release (14-Day Process)
Once you have a determination and are ready to buy, request the release. The ATO instructs your super fund to pay the amount. Funds are released within 14 business days to the ATO, then forwarded to you.
5
Sign Contract Within 12 Months
You must sign a property purchase contract within 12 months of the first release date. If you cannot buy within 12 months, you may request a 12-month extension from the ATO. Failure to sign means the funds must be re-contributed to super or you pay a 20% tax.
6
Tax on Release
FHSS amounts released are included in your assessable income for that year, but taxed at your marginal rate minus a 30% offset. With a 32.5% marginal rate, your effective release tax is 2.5%. The ATO withholds this tax before forwarding funds.
Pro
Pro FHSS Strategy
Stack FHSS with other schemes, contribution strategy, withdrawal process and timeline
FHSS can be stacked with other Australian government schemes for a first home buyer. Combining all schemes maximises your deposit and minimises upfront costs.
FHSS Scheme
Your FHSS
Up to A$47,780 net for your deposit
Your calculated FHSS amount — forms the core of your tax-advantaged deposit.
Eligibility: Australian resident first home buyer; never owned property in Australia
First Home Guarantee (FHG)
NHFIC
Buy with 5% deposit — government guarantees 15%
Avoid LMI with only a 5% deposit. Government guarantees the difference so you don't pay Lenders Mortgage Insurance (saves $10,000–$30,000+ on a median-priced property).
Eligibility: Income under $125K single / $200K couple; property under price cap for your area
First Home Owner Grant (FHOG)
State Grant
$10,000–$30,000 cash grant depending on state
State government cash grant for buying or building a new home. NSW/VIC $10,000; QLD $15,000; WA $10,000. Applied at settlement — reduces cash needed.
Eligibility: New or substantially renovated homes only in most states; value caps apply
Stamp Duty Concession
State Exemption
Potential $0 stamp duty (save $15,000–$30,000+)
NSW exempts FHBs under $800K from stamp duty entirely. VIC under $600K (new). QLD under $550K. Eliminates one of the largest upfront buying costs.
Eligibility: State-specific price thresholds; owner-occupied only; may not stack with FHOG in all states
Stacking example (Sydney, $750K property, 32.5% tax rate):
FHSS net: A$47,780 + FHG (no LMI saving ~$15,000) + FHOG $10,000 + Stamp Duty saving ~$29,000 = total benefit of approximately A$101,780 vs buying without any schemes.
What Is the First Home Super Saver (FHSS) Scheme?
The First Home Super Saver scheme allows Australian first home buyers to make voluntary superannuation contributions and then withdraw those contributions — along with deemed earnings — to use as a home deposit. Because contributions enter super at 15% tax (for concessional contributions) rather than your marginal income tax rate, and withdrawals are taxed at your marginal rate minus a 30% offset, the FHSS scheme provides a significant tax advantage over saving outside super.
As of the 2023–24 financial year, you can contribute up to $15,000 per year and release a maximum of $50,000 in total contributions (plus associated earnings) under the scheme.
FHSS Contribution and Release Limits
Annual Contribution Cap: $15,000 per financial year (concessional or non-concessional)
Lifetime FHSS Release Cap: $50,000 in contributions (plus deemed earnings)
Concessional Tax on Entry: 15% (vs your marginal income tax rate)
Tax on Release: Marginal rate − 30% tax offset
Deemed Earnings Rate: ~4.45% p.a. (SHO-based ATO rate, reviewed periodically)
Non-concessional (after-tax) contributions can also be included in FHSS, but only the earnings on those contributions are taxed on release (not the contributions themselves, as tax was already paid). However, concessional contributions typically provide greater tax benefit due to the upfront tax saving.
FHSS Example Calculation
32.5% Marginal Tax Rate — 3 Years at $15,000/yr
Total Contributions (3 × $15,000)
$45,000
Deemed Earnings (ATO rate, ~4.45%)
~$3,000
Gross Releasable Amount
~$48,000
Tax on Release (32.5% − 30% = 2.5%)
~$1,200
Net Amount Received
~$46,800
Contribution Tax Saving (vs paying 32.5%)
~$7,875
Advantage vs Regular Savings (4% HISA)
~$8,500+
At the 32.5% bracket, FHSS delivers roughly 20–25% more net deposit than saving the equivalent in a high-interest savings account. The advantage grows at the 37% and 45% brackets.
Frequently Asked Questions
You must be an Australian resident aged 18 or older, have never owned property in Australia that has been your place of residence, and have not previously requested an FHSS release. For couples, each person can access their own FHSS — combining two FHSS amounts can provide up to $100,000 in total deposit.
Yes. Employer Superannuation Guarantee (SG) contributions do not count toward the FHSS cap. Only your voluntary contributions (salary sacrifice or personal deductible) are eligible for FHSS. Your SG contributions and any voluntary contributions above $15,000/yr stay in your super and cannot be released under FHSS.
You have 12 months from the date of first release to sign a property purchase or construction contract. If you can't meet the deadline, you can apply for a 12-month extension. If you still cannot proceed: you must either re-contribute the released amount to super (and lose access to super until preservation age) OR pay a 20% FHSS tax on the released amount (in addition to the withholding already deducted).
Yes. FHSS funds can be used as part of your deposit under the First Home Guarantee. If your FHSS net amount equals 5% or more of the property price, you could use FHSS funds as your entire deposit and access the FHG to avoid LMI — combining both schemes. Income eligibility for FHG applies ($125K single / $200K couple) and price caps apply by region.
Allow at least 4–6 weeks from application to receiving your funds. The ATO determination takes up to 15 business days. After requesting release, the ATO sends an authority to your super fund (up to 14 business days), the fund pays the ATO (up to 10 business days), and then the ATO forwards the net amount to you. Do not sign a purchase contract contingent on receiving FHSS funds unless you factor in this lead time.