Planning to buy your first home? Use our First Home Super Saver Calculator to estimate how eligible voluntary super contributions could help you save towards a deposit, using the First Home Super Saver Scheme.
Frequently Asked Questions
The First Home Super Saver (FHSS) Scheme allows eligible first home buyers to save for a home deposit through voluntary super contributions. If you meet the eligibility requirements, you may be able to apply to withdraw eligible voluntary contributions and associated earnings to help purchase your first home. Learn more here.
To get started, you'll need an estimate of the annual voluntary contribution amount you plan to make and the timeframe you're looking to save over. You can adjust these inputs to compare different scenarios and see how changes to your contributions or time frame may affect your projected savings.
The calculator provides an estimate only and is designed to help you model different savings scenarios. Your actual FHSS withdrawal amount will depend on a range of factors, including your eligible contributions, associated earnings and whether you meet the FHSS Scheme eligibility requirements.
Salary sacrifice contributions are made through your employer from your before-tax salary, while lump sum contributions are voluntary payments you make directly to your super account. The calculator estimates potential savings based on your voluntary contribution amount, regardless of how the contributions are made.
Under the First Home Super Saver (FHSS) scheme, eligible individuals can apply to withdraw certain voluntary super contributions they have made, together with any associated earnings, up to the maximum FHSS limits. Employer contributions, including Super Guarantee (SG) contributions, cannot be withdrawn under the scheme.
Using the FHSS scheme involves withdrawing eligible voluntary contributions that would otherwise remain in your super account for retirement. Before making additional contributions, consider how this may affect your long-term retirement savings.