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If you're struggling to get into the housing market, you may be able to use eligible superannuation savings for a house deposit.
While it’s not possible to use your entire superannuation savings, the First Home Super Saver Scheme (FHSSS) allows you to withdraw an eligible portion of your super contributions to help you buy your first home.
The FHSSS allows for voluntary super contributions to be saved in super and then later released to purchase a first home.1
You can contribute up to $15,000 of eligible contributions (in any one financial year). Superannuation contribution cap limits still apply and this may limit how much you can contribute.
Under the scheme you can have $50,000 in total (across all years) released for the purchase of a first home.2
For couples, this means up to $100,000 of voluntary contributions may be used.
Benefits of FHSSS may include:
You may be eligible to be part of the FHSSS if:
Stay up to date with any changes to the FHSSS on the Australian Taxation Office’s (ATO) website.
Creating a retirement strategy can look different for everyone. If you are considering using your super for a house deposit as a first home buyer, by accessing some of the voluntary contributions you made, it may be worth weighing up your options and seeking professional financial advice.
First Home Super Saver Scheme: Add extra to your super and buy your first home sooner.
Find out how
1. Subject to eligibility and conditions. These contributions must be within existing contribution caps.
2. Australian Taxation Office, modified 25 May 2022, First Home Super Savings Scheme, accessed 8 June 2022 at ato.gov.au
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