Use your super to buy a home


Aspiring first home buyers can use voluntary super contributions (and any associated earnings) to save for a home under the Government’s First Home Super Saver Scheme. 

You can apply to release up to $15,000 of voluntary contributions per year and $30,000 in total. Eligible couples can apply to release up to $60,000 in total. You'll also receive any associated earnings from these voluntary contributions.

How do I make extra contributions?

You can make voluntary concessional (before-tax) or non-concessional (after-tax) contributions into super under the Scheme.

The usual limits on super contributions still apply to these extra contributions so if you’re considering adding more to your super, it’s worth keeping track of your balance against these caps.

Any mandated employer contributions (i.e. 14% and 17% employer contributions) or employer superannuation guarantee (SG) contributions won’t count towards the Scheme, so you can’t apply to withdraw them.

Concessional contributions and earnings that are withdrawn will be taxed at your marginal rate with a 30% offset.

Defined Benefit Division (DBD) members

Contributions to the defined benefit component—including employer or standard member contributions—can’t be released for the FHSSS. However, voluntary member contributions made to the accumulation component of the DBD are eligible to be released for the FHSSS.

How do I access my super to buy my first home?

To qualify to withdraw your super, you must be 18 years or over, have to purchase a residential home or land you’ll build a home on. You must also occupy the property for at least six months in the first year of ownership after it’s practicable to do so.

From 1 July 2018, you can apply to the ATO to release voluntary contributions made under the Scheme, along with any associated earnings. They’ll then determine how much you can withdraw and let us know when a request has been made. We will process it in line with their instructions.

You’ll have 12 months from the time you release the savings to sign a contract to purchase a home or construct a home. If you don’t comply with the rules, and do not receive an extension of time, you must either transfer the funds back into super (less any tax withheld by the ATO) or pay tax equal to 20% of the amount released.

For more information, visit the ATO website.

We're here to help

If you have any questions about using your super to buy your first home, call us on 1800 331 685 or email us.