Save Faster with the First Home Super Saving Scheme

 In Finance News

The First Home Super Saving Scheme (FHSS Scheme) is a government initiative which was introduced two years ago to help people buy their first home. This little-known scheme has the potential to make purchasing your own home a reality sooner.

The premise behind the scheme is simple: contribute extra money to your super fund, and then withdraw it to spend on your home deposit. As super isn’t taxed like your usual income, you can potentially reduce the amount of tax paid and save for your deposit sooner.

Buying your first home is a stretch for most Australians, with property prices almost doubling in real terms over the past 20 years and wage growth reasonably stagnant. This scheme was developed to reduce pressure on housing affordability. A little help can go a long way!

How it works

Save money inside your super fund. The concessional tax treatment of super (where you are not taxed at your usual marginal tax rate) can lead to substantial savings.

The FHSS Scheme allows you to voluntarily make tax concessional contributions of up to $30K into your super (to reduce taxable income) and withdraw this amount (plus earnings, less a little tax) to buy your first home. To put it simply, your overall tax should decrease and therefore savings increase.

You’ll need to buy a home or land to build on within 12 months of withdrawal.


  • Contribute up to $30K as an individual and $60K as a couple to save for a home deposit.
  • Potential to reduce tax paid.
  • Save more money. Money saved using the FHSS Scheme earns a deemed rate of return (currently equal to 4.02%) which is higher then what you’d earn in a savings account.

Who is eligible?

  • You must be 18 years or older
  • Never owned property in Australia
  • Haven’t previously requested a FHSS release 

Your application will be assessed by the ATO on an individual basis. This means that friends, couples or siblings can use their own FHSS Scheme contributions to buy the same property. View the full eligibility requirements at the ATO website.

How do I get started?

The benefit of working with Bespoke Finance Group, is we can not only help you with the FHSS Scheme, we can also help you find the most suitable loan when the time comes to purchasing your home. 

If you would like to discuss further and see if this scheme will be suitable for your situation, get in touch with a Bespoke Finance Group representative today. 

Contact Peter Kennedy from Bespoke Finance Group at or on 0408 981 826.

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