How does the First Home Super Saver Scheme work?

by

Superhero Team

May 26th 2021 3 minute read

The First Home Super Saver Scheme (FHSS) scheme allows you to make voluntary concessional and/or non-concessional contributions up to $15,000 p.a. (and up to $30,000 across all years) into your super fund to save for your first home. You can start making contributions at any age.

However, to be eligible for this scheme you must:

  1. be 18 years or older
  2. apply for and receive an FHSS determination from the ATO before signing a contract for your first home or applying for release of your FHSS amounts
  3. have never owned property in Australia
  4. not previously requested the Commissioner to issue an FHSS release authority in relation to the scheme.