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Add extra to your super and buy your first home sooner
The FHSS Scheme allows first home buyers to make contributions to their super, then withdraw those contributions for a deposit to buy or build a home to live in.
The scheme aims to make it easier to buy or build your first home, but there are rules around who can use the FHSS and when you can get your money out.
A single person could make super contributions of up to $15,000 per year, up to a total of $30,000.
If the people you are buying a home with are also eligible for the scheme, they can make contributions of up to $15,000 per year to their super, up to a total of $30,000 per person. This means a couple could potentially put a total of $60,000 towards their deposit from their super.
Be mindful that there are limits to how much you can contribute to your super each year, and if you go above these limits, you may pay extra tax.
If you are eligible and want to withdraw money from your super for a home deposit, here's what you need to do.
The ATO says it can take as many as 15-25 days to receive your money from them, so it's important you are not in a hurry to put down the deposit.
To qualify for this first home super scheme, you must:
You must buy a property or vacant land in Australia, not a mobile home (e.g. caravan, RV motorhome, houseboat, tiny house).
QSuper members have access to financial advice from QInvest,1 who can help you decide whether using your super to buy a home would be right for you.
There are two types of contributions you can put towards your home deposit with the super saver scheme:
Talk to your payroll office to start salary sacrificing, or use your BPAY® details in Member Online to make after-tax voluntary contributions.
The super contributions you put in the FHSS scheme will also increase by an interest rate set by the Government. These 'deemed investment earnings' are meant to represent investment returns on your contributions.
The type of contributions you make will affect how much money you can withdraw from your account. You can withdraw up to:
You can't include the contributions your employer or spouse makes for you, such as Superannuation Guarantee (SG) contributions or spouse contributions.
Make voluntary contributions with your details from Member Online or contact your payroll office to set up salary sacrifice.
While contributing to your super might help you save money for a house deposit, it may not be right for everyone.
Whether or not you are eligible for the first home scheme, your super is likely to be one of your main sources of income in retirement, so it's worth considering whether you could afford to make regular contributions to your super anyway.
To learn more the FHSS scheme, visit the ATO website.
QSuper does not charge any additional fees for you to participate in the First Home Super Saver Scheme.
However, remember that you pay tax on salary sacrifice contributions, and that the ATO taxes your money again before they send it to you, so the amount you receive from the scheme is not the same amount you contributed to your super. This is due to the difference between the rates for contributions tax and income tax.
Your contributions to your super for your home deposit get taxed differently depending on how you make the contribution:
When the ATO sends you your super saver money, they charge tax on your before-tax contributions and deemed earnings at your marginal tax rate, less a 30% offset. (If the ATO can't estimate your expected marginal tax rate, they charge tax of 17% instead.)
No extra tax is charged on your after-tax contributions.
The ATO will send you a payment summary showing how much tax you paid. You need to include this amount, and the amount you received from them, in your annual tax return for the year you request your money.
No. Although the ATO would deduct money from your first home super saver amount if you had any "outstanding Commonwealth debts", this doesn't include higher education or trade support loans (e.g. HECS, HELP, SFSS, TSL).
Commonwealth debts that would be deducted include if you have not paid enough for your income tax, business tax, child support, or Centrelink debts.
Under the FHSS scheme, if you don't end up buying a home within the 12-month timeframe (or 24 months if you got an extension), you must re-contribute your before-tax contributions back into your super account. You will not be able to access these funds again under the FHSS scheme.
If you keep the before-tax contributions, the ATO will charge a FHSS scheme tax. This is equal to 20% of your assessable amounts released under the first home saver scheme.
You do not have to re-contribute your after-tax contributions to your super - but you might want to put them back into super to continue boosting your retirement savings.
If you are eligible and you want to buy a home with someone else, you can apply to access your super contributions even if the other person is not eligible for the scheme.
1. QInvest Limited (ABN 35 063 511 580, AFSL 238274) is a separate legal entity responsible for the financial services it provides. Eligibility conditions and advice fees may apply. Refer to the Financial Services Guide (pdf) for more information.
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