Using super to buy your first home

Buying your first home can be one of the most challenging things you will do, not least saving enough money for the deposit. To help boost your deposit so you get into your first home sooner, you might be able to access some of your super.

The Government’s First Home Super Saver scheme allows you to make voluntary contributions to your super to help save a deposit for your first home.

You can withdraw this amount, plus investment earnings, when you are ready to buy a home.

What is the First Home Super Saver scheme?

The scheme is federally funded and can help you reach your deposit goals much sooner.

The scheme utilises super’s tax breaks, which are taxed at 15% (instead of up to 47%) making it easier to save. 

Making extra voluntary before-tax contributions can also help reduce the tax you pay on your income, meaning you keep more of your money.

How does it work?

To access the First Home Super Saver scheme, follow these four simple steps

1. Apply to the ATO through your MyGov account to request your Determination. The ATO will tell you how much money you can withdraw from your super for the First Home Super Saver Scheme. You need to have this Determination before you sign your contract.  
2. Request a First Home Super Saver scheme release authority from the ATO. The ATO will instruct Crescent Wealth to release your funds to them. Once they have deducted any applicable tax, the ATO will pay the money to you. 
3. You have 1 year from the day you request a release request to tell the ATO you have signed a contract to buy a house. If you don't, you will need to return the money to your super. If you decide to not go ahead with buying a home, or don’t sign a contract within 12 months, you can: 
   • Keep the funds which are subject to a tax equal to 20% of your assessable First Home amount, less any withheld tax, or  
   • Re-contribute the assessable First Home Super Saver scheme amount into super, less any withheld tax. 
4. The scheme funds form part of your assessable income in your tax return for the year the money is released to you.

LINK Find out LINK more about contribution caps and limits

LINK Switching your super LINK is easy or call us on 1300 926 626.