Spaceship First Home Super Saver

The FHSS scheme is only available to eligible Australian residents buying their first home, or signing a contract to build their first home (this doesn’t include a houseboat, motor home, or vacant land). You may be eligible for FHSS if you:

• Are over 18 years of age,
• Are an Australian resident,
• Are planning to buy or build a home you’ll live in,
• Have never owned property in Australia (including, but not limited to, investment property, land and etc.), and
• Have not previously made an FHSS release request under the FHSS scheme.

Other eligibility criteria apply. We recommend speaking to a tax agent or financial adviser to make sure you meet all the requirements before making voluntary contributions.

You can make voluntary contributions up to $15,000 per financial year, $50,000 in total, to be released under the FHSS scheme. 

The final amount that may be released back to you is determined by the ATO and may be less than your total voluntary contributions.

Yes. Eligibility is assessed on an individual basis, so you can each access your own FHSS contributions in your separate super funds to purchase the same property.

We recommend speaking to a tax agent or financial adviser to make sure you meet all the eligibility requirements before making voluntary contributions. 

Not doing so could result in you:

• Not being able to access your deposit until retirement,
• Not being able to use FHSS scheme again, and
• Incurring significant tax penalties.

The final amount that may be released back to you is determined by the ATO. They’ll request information to determine your eligibility to make the withdrawal and use of the funds as a deposit for your first home. Penalties may apply for making false statements.

For more information, visit the ATO’s First Home Super Saver Scheme.