How does it work?

If you’re an eligible first home buyer, the First Home Super Saver (FHSS) scheme allows you a one-off opportunity to withdraw some of your voluntary super contributions to put towards a first home deposit.

You can save money for your first home within your super account, where tax concessions and the rate of interest can boost your savings. 

Your super contributions for the FHSS scheme can be either voluntary concessional (pre-tax) or voluntary non-concessional (post-tax) contributions.


Who is eligible?

To be eligible to withdraw voluntary contributions under the FHSS scheme, you must:

  • be 18 years or older;
  • have not previously held interest in property (subject to certain exceptions); and
  • have not previously accessed the FHSS scheme.

To see a full list of eligibility criteria, visit the ATO website.


Is the FHSS scheme right for you

Our team of super experts at TelstraSuper Financial Planning can talk you through the details of the FHSS scheme and whether this could help you boost your first home deposit. Call 1300 033 166 or request a call back.



How much can you use for a deposit?

The scheme allows you to use up to $15,000 of your voluntary contributions from any financial year included in your eligible contributions, up to a total of $50,000 across all years.

Any super that your employer is obliged to pay or spouse contributions can’t be used – only the extra voluntary contributions you’ve made since 1 July 2017.


How much will you get?

To start saving for your deposit, all you have to do is make additional contributions (for example by making a salary sacrifice before-tax contribution) into your super each year, within the annual contribution limits. See the table below for more details.

  Before tax contribution limits Maximum per year you can use for your deposit Total amount you can save for your house deposit
2023/24 $27,500 $15,000 Up to $50,000

Check your balance with TelstraSuper at any time to see how much you have saved.

When you are ready to receive your FHSS amounts, you need to apply to the Australian Taxation Office (ATO) for an FHSS determination and a release. After applying, the ATO will tell you your maximum FHSS release amount and the ATO will withhold tax from the FHSS release amount before paying it to you.


FHSS scheme FAQs

  • Where can I get more information about the FHSS scheme?
    Visit the ATO website for more information about the scheme. 
  • Who runs the scheme?

    The scheme is administered by the ATO, but you pay your contributions into your super account.

  • How many times can I use the scheme?

    You can only use the scheme once and only for your first home purchase.*

    *Unless the ATO determines you have suffered a financial hardship that resulted in loss of ownership of all property interests. For more information on the financial hardship provision, please contact the ATO.

  • Do I pay tax on my FHSS amount?

    Part or all of the FHSS released amount may be included in your assessable income.

    • The ATO will withhold tax from the FHSS release amount before paying it to you.
    • The ATO will provide a payment summary detailing the assessable FHSS released amount.
    • You need to include the assessable FHSS released amount in your tax return for the financial year in which you requested the release.
    • The tax liability on this assessable amount will be reduced by a 30% tax offset.
    • The withheld tax will help meet your tax liability for the year.

  • How do I use my FHSS savings? How long do they last?

    Once your savings have been released, you have up to 12 months from the date you requested the release of FHSS amounts to sign a contract to purchase or construct a home. You can only make one withdrawal of your eligible contributions in your lifetime up to the maximum withdrawal amount of $50,000.

    If you don’t buy a home in this period, you may be able to apply to the ATO to extend for a further 12 months.

    If you do not enter into a contract to purchase or construct a home during this period, you can either:

    • recontribute the amount into your super fund. This amount must be a non-concessional contribution and be at least equal to your assessable FHSS released amount, less any tax withheld; or
    • you can keep the released amount and be subject to FHSS tax. This is a flat tax equal to 20% of your assessable FHSS released amounts.

  • I’ve found a place, when do I notify the ATO?

    If you sign a contract to purchase or construct your home you must notify the ATO within 28 days of signing the contract.

    If you recontribute the assessable FHSS amount (less tax withheld) into your super fund, you must notify the ATO within 12 months of the date you request the release of your FHSS money.

    If you don't notify the ATO that you have done one of the above or you choose to keep the FHSS amount, you may be subject to the FHSS tax.

Get expert advice about the FHSS scheme

Buying your first home can be overwhelming and complex. Our team of expert advisers from TelstraSuper Financial Planning can discuss the details of the scheme with you and help you make an informed decision. Call 1300 033 166 or request a call back.


Any general advice has been prepared without taking into account your objectives, financial situation or needs. Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any decision, you should obtain and read the relevant Product Disclosure Statement and Target Market Determination or call us on 1300 033 166 for copies of these documents. You may wish to consult an adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.