First Home Super Saver Scheme
About the First Home Super Saver Scheme (FHSS)
The First Home Super Saver (FHSS) scheme was introduced by the Australian Government in the Federal Budget 2017–18 to reduce pressure on housing affordability.
The FHSS scheme allows you to save money for your first home inside your superannuation fund. This will help first home buyers save faster with the concessional tax treatment within super.
- you either live or intend to live in the premises you are buying as soon as practicable
- you intend to live in the property for at least six months of the first 12 months you own
it,after it is practical to move in.
Who is eligible
You can start making super contributions from any age, but you can't request a release of amounts under the First Home Super Saver (FHSS) scheme until you are 18 years old, and you:
- have never owned property in Australia – this includes an investment property, vacant land, commercial property, a lease of land in Australia, or a company title interest in land in Australia (unless the Commissioner of Taxation determines that you have suffered a financial hardship)
- have not previously requested the Commissioner to issue
a FHSSrelease authority in relation to the scheme.