Spaceship Super
Owning your first home in Tasmania
How you could use the First Home Super Saver scheme and Australian Government 5% Deposit Scheme to help secure your first property in Tassie.
The information on this page is correct as of 3 November 2025 and may change. Check out the Tas Government and ATO FHSS websites for the latest information.
Your first home in Tassie
Extra help for buying your first home.
First home buyer grants
Under Tasmania's First Home Owners Grant, eligible first-time home buyers can receive a grant of $10,000 to help them purchase a brand new home, or $30,000 if they contract to build a new home from 1 January 2026. This grant can help make the process of buying or building more affordable for first home owners as well as supporting the local construction industry.
Upfront cost help
Tasmania's first-time buyers can apply for the Australian Government 5% Deposit Scheme to assist in lowering the amount of deposit they need - sometimes down to just 5% (or 2% for single parents and legal guardians). The Federal Government acts as guarantor on some of your mortgage, thus removing the requirement for Lenders Mortgage Insurance.
Tax help with saving
The FHSS scheme (First Home Super Saver Scheme aka FHSSS) helps you save for the deposit with a tax rate generally set at 15% which is well below normal income tax rates.
How it could work for you in Tasmania
On her 25th birthday, Lili decided she wanted to stop renting and buy a home of her own. She wants something new and after looking around for a while she sees a home under construction in Hobart for sale at $580,000. She does her sums and her paperwork and manages it as follows:
- Lili is eligible for Tasmania’s First Home Owners Grant, which gives her $10,000 towards her purchase.
- As the house is valued less than $700,000 she is also accepted for the Australian Government 5% Deposit Scheme, and her lender only asks for a deposit of 5% i.e. $29,000.
- In the past two years, Lili has twice contributed $10,000 to her super under the contribute and claim method to get a tax concession. This worked well, as Lili’s general rate of income tax of 32% (including the Medicare levy), is well above the 15% tax on super contributions saving her thousands in tax.
- Now, under the FHSS scheme, Lili withdraws her contributions and earnings from her super by requesting a determination from the ATO. The ATO determines her maximum release amount and associated earnings. Here’s some more about how that works.
- Lili puts her money together and gets ready to bid farewell to her landlord.
Tip – Great news for Tasmanian first home buyers! There's now a 100% stamp duty exemption available for established homes valued up to $750,000 purchased between February 18, 2024 and June 30, 2026. That means you'll pay no stamp duty at all if you qualify.
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Saving more with the FHSS
How does the First Home Super Saver Scheme work?
How does the First Home Super Saver Scheme work?
Under the FHSS, first-time home buyers can make voluntary contributions into their superannuation where these contributions are taxed at 15%, so you can potentially save more money for a deposit faster. You then apply to have those contributions (and any related earnings) released, to help pay for a deposit on a home.
FHSS savings can give you a decisive advantage in house hunting in Tasmania.
How do I save using the FHSS?
How do I save using the FHSS?
Many people save via salary sacrifice (having some of your salary paid to your super account instead of your bank account). The other common way is to make your own contribution and then claim it as a tax deduction. Both can be good ways to top up your super and build the funds for when you want to use the FHSS.
- Check you’re eligible for the FHSS – are you 18 years old or over and a first home buyer? There’s no Australian citizenship or residency requirement to apply.
- Check that your super fund allows you to withdraw under the FHSS (Spaceship Super does!)
- Start out by contributing to your own super in any of the following ways:
- Contribute after-tax money to your super and then a claim tax deduction in your tax return.
- Salary sacrifice, by asking your employer’s payroll department to send some of your income directly to your super account instead of to you.
- Contribute after-tax money to your super account, without claiming a tax deduction.
- Options a and b count towards your ‘concessional contributions’ annual cap of $30,000 (including your employer contributions) and come with tax savings.
- Option c counts towards your ‘non-concessional’ annual cap of $120,000.
- There’s a $15,000 cap on how much you can save via the FHSS each year.
- Think financial years. Your annual limits reset on 1 July every year.
- When it comes time to start looking for a home, you apply for a FHSS Determination and a release from the ATO.
Make sure you get the determination before you sign a contract, so you know how much you’re able to withdraw as a deposit.
Much of the information will be pre-filled, but it will be handy to have a record of your contributions on hand just to check. - Buy your property!
You can make a release request either before or after signing a contract. If making a release request after signing a contract:
- For determinations made on or after September 15, 2024: Submit within 90 days of signing.
- For determinations made on or before September 14, 2024: Submit within 14 days of signing. The amount you withdraw via FHSS will be paid into your bank account. In most cases it will take between 15 and 20 business days. If you make a release request before signing a contract:
- You have up to 24 months (an initial 12 months with an automatic 12-month extension) to sign a contract. After signing a contract, you must notify the ATO:
- For determinations made on or after September 15, 2024: Notify within 90 days of signing.
- For determinations made on or before September 14, 2024: Notify within 28 days of signing.
- If more than one person is buying the home, each person can use their own FHSS as long as they meet the criteria.
Even if one person is not eligible, other eligible buyers can still apply for the FHSS.
Lowering your deposit with the Australian Government 5% Deposit Scheme
What is the Australian Government 5% Deposit Scheme?
What is the Australian Government 5% Deposit Scheme?
The Australian Government 5% Deposit Scheme is an Australian Government program designed to help eligible first-time home buyers purchase a home with a deposit of as little as 5% (or 2% for single parents and legal guardians) instead of the usual 20% required by many lenders. Approved buyers will also not pay Lenders Mortgage Insurance.
How does the Australian Government 5% Deposit Scheme work?
How does the Australian Government 5% Deposit Scheme work?
The Australian Government 5% Deposit Scheme is designed to help eligible applicants pay a lower mortgage deposit, without having to meet the expense of Lenders Mortgage Insurance, which can bump up the loan amount by around $10,000. Under the scheme, the Federal Government guarantees part of your mortgage.
What are the eligibility criteria?
What are the eligibility criteria?
Generally, to meet the 2025 eligibility criteria for the Australian Government 5% Deposit Scheme in Tasmania, you must:
- A first home buyer or a previous homeowner who hasn't owned property in the past ten years
- An Australian citizen or permanent resident
- At least 18 years old
- Planning to live in the property
Only residential real estate is eligible, but this can be:
- A house, townhouse or apartment that’s already been built
- A house and land package
- Vacant land with a contract to build a home
- A new or off-the-plan apartment, unit or townhouse.
In Hobart in 2025, the property can't be valued at more than $700,000, while the rest of the state has a limit of $550,000.
Check out the Australian Government 5% Deposit Scheme website for full eligibility details.
Join Spaceship Super - One super account is all you need to save using FHSS
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