What you need to know about the First Home Super Saver Scheme

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For Australians dreaming of buying their first home, there may be some good news. The Government announced the First Home Super Saver Scheme in the May 2017 Federal Budget. Though yet to be enacted into law, the Scheme is designed to boost savings for first home buyers.


The First Home Super Saver Scheme would allow you to make voluntary super contributions of up to $15,000 a year or a maximum of $30,000 in total to your superannuation to use towards your home deposit. This is in addition to any compulsory contributions you receive from your employer. When you buy a home, you will be able to use the money you’ve voluntarily contributed for this purpose, plus any deemed earnings on it, towards your deposit.

See the fact sheet outlining more details of the scheme.


The Government estimates that for most people, the First Home Super Saver Scheme could boost the savings they can put towards a deposit by at least 30 per cent compared with saving through a standard deposit account1. This is due to the concessional tax treatment of superannuation and that the current interest rate on most deposit accounts is lower than the deemed interest rate that will be applied to your First Home Super Saver Scheme contributions.

Check out the ATO estimator to see how much you can save by using the First Home Super Saver Scheme.


If the scheme is passed, you will be able to access your funds towards your home deposit from 1st July 2018. The process for this will be administered by the Australian Tax Office (ATO), so when you are ready to purchase your home, you will need to apply to the ATO who will assess your eligibility and calculate your deemed earnings on your additional contributions. Deemed earnings are the money the ATO judges your investments to have earnt, in interest or growth for example. They will then notify us as to how much of your super savings we can release to you, and any tax considerations for you to be aware of. More information on this process will be available over the coming months.

Wealthness Pty Ltd t/as Better Financial Planning Australia will endeavour to update the website as needed. However, information can change without notice and Wealthness Pty Ltd t/as Better Financial Planning Australia does not guarantee the accuracy of information on the website, including information provided by third parties, at any time. Information in this publication is accurate as at 31st July 2017 and subject to change without notice.

This information is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances. Although we consider the sources for this material reliable, no warranty is given and no liability is accepted for any statement or opinion or for any error or omission.

Wealthness Pty Ltd t/as Better Financial Planning Australia does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, Wealthness Pty Ltd t/as Better Financial Planning Australia and its employees do not accept any liability for any error or omission on this website or for any resulting loss or damage suffered by the recipient or any other person.

Wealthness Pty Ltd (ACN 613 313 250) [t/a Better Financial Planning Australia] Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049 AFSL Licence No. 236523. Source: BT Financial Group

2017 Budget SpeechOCTOBER 6, 2017

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