Using your super account to save faster

Owning your first home could become a reality sooner than you thought with the help of The First Home Super Saver Scheme (FHSSS). The FHSSS allows people who have never owned a property to save more by making extra contributions into super, using super’s low tax rates.

The government allows you to contribute an extra $15,000 per financial year at the reduced before-tax contribution rate of 15%.  You can then withdraw that money as a deposit on your first home.  The maximum you can contribute and withdraw is $30,000 across all years.

The government has proposed as part of its budget package announcements to increase the maximum accessible amount that can be withdrawn under the FHSS Schedule to $50,000 effective 1 July 2022.

Am I Eligible?

You can use the FHSSS if you:

  1. Are over 18
  2. Haven’t previously owned property in Australia
  3. Haven’t already requested release of your super savings under the FHSSS.

Eligibility is assessed on an individual basis.  This means that if you’re saving with a partner, friend or relative, you can each access your own eligible FHSSS contributions to purchase the same property.  If one of you has owned a property or has already accessed their savings under the FHSSS, it won’t stop anyone else who is eligible from applying.


How do I begin?

There are a few different ways:

- On top of what your employer pays, you can make before-tax contributions (like salary sacrifice) which are only taxed at 15%. 

- Salary Sacrificing is where you choose to have some of your before-tax income paid into your super account by your employer.  This is on top of what your employer might pay you under the Superannuation Guarantee, which will be no less than 10% of your earnings, if  you’re eligible.  Talk to your payroll office to start salary sacrificing.

- After-tax super contributions. This is where you make an after-tax contribution into your super using money from your regular bank account, savings, an inheritance, or from the proceeds of the sale of an asset.  This can be done via BPAY®  or Direct Debit in your online account.  Another option is to ask your employer to make additional contributions from your take home pay.

- You can contribute through your everyday shopping, yes shopping! Saving a home deposit can be tough for some but with GuildSuper as your fund, you will have access to SUPERSUPER, our shop- and-save rewards program, that adds to your super each time you shop. You can find out more about our rewards program here.

Withdrawing your money

When you’re ready to buy your first home, you can make a request to the ATO to release the amount using your MyGov account linked to their online services.

Although this all sounds very simple, there are some additional guidelines that need to be met.  Please refer to the ATO web site for more information.


Contribute by payroll deduction

Email your employer