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If you’re trying to save for your first home deposit, the government’s scheme that taps into super’s tax breaks is about to get even better

The government is proposing to boost the First Home Super Saver scheme for first home buyers. The current scheme allows you to withdraw up to $30,000 of the voluntary contributions you’ve made to your super (plus earnings, less fees and tax) to buy your first home. 

If passed, the $30,000 limit will increase to $50,000.

 The good part is that because you’re saving through super, you pay less tax than if you were saving outside super, which means you could build a bigger deposit more quickly. If you’re a couple, you can both use the scheme so you could potentially save up to $100,000 for your home deposit.


First Home Super Saver Scheme


Before tax contribution limits  Maximum per year you can use for your deposit  Total amount you can save for your house deposit 
2020/21  $25,000  $15,000  Up to $30,000
 From 1 July 2022  $27,500  $15,00  Up to $50,000


Things to note:

  • You can only make one withdrawal for your deposit under the scheme.
  • Remember that your employer’s compulsory contributions also count towards the before-tax contributions limit.

How much can I withdraw and when?

You can apply to have a maximum of $15,000 of your additional contributions from any one financial year included in your eligible contributions to be released under the First Home Super Saver scheme. The amount eligible to be released will increase from $30,000 to $50,000 from 1 July 2022. You can only make one withdrawal for your deposit under the scheme.

You’ll need to apply to the ATO to withdraw your contributions. You can apply online using your MyGov account linked to the ATO. Once the ATO releases your funds, you have up to 12 months to sign a contract to purchase or construct your home. 

*Assumptions: Based on a salary of $80,000 each, with $12,500 ($10,625 after contributions tax) saved each year for four years. Savings assume an earnings rate of 5.0% less tax at marginal tax rates, with 30% rebate on the withdrawal from super. This example is for illustrative purposes only and is not intended to provide a forecast or guarantee on outcome.

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