Can I use my super for a house deposit?

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.

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

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:

• Giving first home buyers 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.

Conditions of FHSSS

You may be eligible to be part of the FHSSS 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 FHSSS 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.

Stay up to date with any changes to the FHSSS on the Australian Taxation Office’s (ATO) website.

Building a strong nest egg for your future

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.

How it works

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