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News Hub Superannuation

Can I use my super for a house deposit?

Finance Superannuation
15 October 2024 5 min read

If you're struggling to get into the housing market, you may be able to use eligible superannuation savings for a house deposit.

young couple standing in front of a house 

About 68% of Australians1 say they can't save as much as they would like, but as a first homebuyer, you could potentially use the First Home Super Saver (FHSS) scheme to save for a deposit using your super.

While it’s not possible to use your entire superannuation savings, the FHSS scheme allows you to withdraw an eligible portion of your super contributions to help you buy your first home.

How can I use my superannuation for a first home deposit?

The FHSS scheme allows for voluntary super contributions to be saved in super and then later released to purchase a first home.2

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 up to $50,000 of eligible contributions in total (across all years) plus associated earnings released for the purchase of a first home.3 For couples, this means up to $100,000 of voluntary contributions may be used if both are eligible for the scheme.

How it works …

Infographic

Benefits of FHSS scheme may include:

  • Giving first homebuyers a chance of entering the property market earlier
  • The potential for greater return on investment from a super fund, compared to a normal savings account
  • Lower taxes on the funds.

You may be eligible to be part of the FHSS scheme if:

  • You are 18 years or older
  • You have never owned a property in Australia before, including an investment property
  • You have not previously released FHSS scheme funds
  • You must either live or intend to live in the premises you are buying as soon as possible
  • You intend to live in the property for at least six months of the first 12 months you own it.

What’s new

From 15 September 2024 some changes to the FHSS scheme came into effect.

Learn about the changes

Pros and cons of using your super for a house deposit

Everyone’s financial situation is different. It’s important to think about your own financial goals before deciding if the FHSS scheme is right for you.

 Pros

Earn returns

  • The associated earnings you can withdraw under the scheme and investment returns on your contributions may be more than you’d get in a bank savings account.

Potential tax savings

  • Salary sacrifice contributions to your super are generally taxed at 15%, plus there is a tax offset when you take it out. This could be lower than your normal tax rate, helping you to save money faster.

Buy a house with a partner

  • If you're buying the house with someone else (e.g. partner or flatmate), they can also add up to $15,000 per year to their own super to help save for the deposit.

Timeframes

  • You have 12 months to buy a house with the money (or 24 months with an extension).

 Cons

Tax and risk

  • If you're on a lower income, there's much less tax benefit to storing money in super for a deposit.
  • Depending on your super investment options and risk profile, your remaining super could be lower if there's a change in the market.

Time limits

  • You must notify the ATO within 90 days once you sign a contract to buy or build a home.
  • If you don’t end up using the money you've taken out to buy a house within 24 months, the ATO may charge you an extra 20% tax.

Budget pressure

  • It takes up to 20 business days for the ATO to release your super for your deposit.
  • If you make extra contributions to your super, you'll have less take-home pay.

Limits on properties

  • You can only use it for a first home in Australia. It can't be for investment properties, vacant land (unless you have a contract to build), houseboats or caravans.
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Start today

Make voluntary contributions with your details from Member Online or contact your payroll office to set up salary sacrifice.

View your contribution details


1. Survey of 1000 Australians carried out by IPSOS on behalf of Australian Retirement Trust, September to November 2023.
2. Subject to eligibility and conditions. These contributions must be within existing contribution caps.
3. Australian Taxation Office, modified 16 September 2024, First Home Super Savings Scheme, accessed 25 September 2024 at ato.gov.au

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The information on this website contains general information only. It doesn’t consider your personal objectives, financial situation, or needs. Before making any decisions about QSuper, you should read the relevant Product Disclosure Statement (PDS) and Target Market Determinations (TMD) to consider whether the product is right for you.