Super for First Home Buyer Scheme Estimator

How the First Home Super Saver Scheme Works

The First Home Super Saver Scheme (FHSSS) allows eligible Australians to make voluntary concessional and non-concessional contributions into their superannuation fund to save for a home. This offers a tax-effective way to build a deposit faster while earning compounding interest.

Why Use This FHSSS Estimator?

• Visualize potential savings using your salary and voluntary contribution amounts
• Understand how interest and taxation impact final withdrawable savings
• Estimate government limits and withdrawal caps

Key FHSSS Facts

• You can withdraw up to AUD 15,000 per year of voluntary contributions and a total of AUD 50,000
• Withdrawable amount includes your contributions + earnings, minus a 15% contributions tax
• This tool uses a compound interest formula for estimation

Example

Jane earns AUD 80,000 annually and voluntarily contributes AUD 10,000 per year for 3 years. Assuming a 4.5% super fund return and 15% tax on concessional contributions, Jane could save approximately AUD 25,000 toward her first home through the scheme.

Tax Advantage

Contributing pre-tax dollars (concessional contributions) lowers your assessable income, reducing your tax bill while building savings. Withdrawals are also taxed at a concessional rate.

Tips

• Always check your eligibility before applying.
• You must apply to the ATO for an FHSSS determination and release before signing a home contract.
• Consult a financial advisor for personalized guidance.

Disclaimer: This is an educational estimation tool. Please confirm scheme rules and limits at ato.gov.au.