Buying your first home feels impossible right now, but here’s a trick most young Aussies still don’t know about — the First Home Super Saver Scheme (FHSSS).
This is exactly what I’m using to save for my future apartment in Brisbane City — and it could save you thousands in tax while boosting your home deposit 💰
💡 What Is the FHSSS?
The FHSSS lets first-home buyers save part of their home deposit through their super fund — which means:
✅ You pay less tax on that money
✅ It earns super fund investment returns (usually better than a bank)
✅ You can later withdraw it to buy your first home
🧮 How Much Can You Save?
- You can contribute up to $15,000 per year
- With a lifetime limit of $50,000
- These are called voluntary concessional contributions (salary sacrifice or extra super payments)
Let’s say you add $15,000 into super this year. Instead of being taxed at your normal income rate (say 32.5%), you’re taxed just 15% inside super. That could save you around $2,625 in tax just this year!
🏡 Who Can Use It?
To be eligible:
- You must never have owned property in Australia before
- You must live in the home for at least 6 months within the first 12 months of owning it
- You must apply through the ATO to withdraw the funds before buying
📤 How Do You Start?
- Choose a super fund that accepts extra contributions (most do)
- Make voluntary contributions — either salary sacrifice through work, or manual transfers
- Track it through your ATO account or app
- When ready, apply to withdraw the FHSSS amount from the ATO
💡 Tip: If you don’t end up buying a house, the money stays in your super for retirement — so it’s not wasted!
💻 My Real Example
This June, I’m contributing $15,000 into my super just for the FHSSS.
Instead of putting it in a bank, I’m getting:
- Lower tax
- Super fund returns
- A faster way to hit my home deposit goal (for my dream unit 😍)
📲 Bonus Tip — Track Your Savings Easily
I personally use WeMoney to manage my budget and keep an eye on savings goals.
It helps me see the big picture and stay motivated.
💰 Use my referral code LYWR5881 to get $5 when you sign up!
⚠️ A Quick Reminder
This post includes affiliate links, which help support my blog at no extra cost to you.
Please always check the official ATO FHSSS page or consult a professional before making decisions. Things can change!
🏁 Final Thoughts
If you’re serious about buying a home one day — even if it’s years away — the FHSSS is one of the smartest ways to save. It takes some planning, but it’s totally worth it. Future-you will thank you!
See you in the next post,
— N
🪙 N’s Money Corner | Aussie Money Tips – Sharing real finance tips for real young Aussies💜
