First Home Super Saver Scheme: Who Qualifies and What You Get
Learn how to use your superannuation contributions to help save for your first home deposit with tax advantages.
The First Home Super Saver Scheme allows you to use your superannuation savings to help pay for your first home deposit.
Who it's for
This scheme is designed for individuals who are at least 18 years old and are buying their first home.
What you get
You can make voluntary contributions into your superannuation fund to build up a deposit. The main benefit is that you receive tax concessions on these contributions, which can help you save money more efficiently than a standard savings account.
What it costs you
While there is no direct fee to join, you must carefully track all your voluntary contributions. There is a lifetime limit on how much you can contribute toward this scheme.
The catch to know
A common mistake is waiting too long to take action. You must apply for a determination from the tax office before you sign a contract to buy a property.
How to apply
- Check your eligibility and contribution history.
- Apply for a determination to confirm your savings amount.
- Continue saving through your superannuation fund.
- Use the official portal to manage your application: https://www.ato.gov.au