First Home Super Saver

Save your deposit inside super?

The First Home Super Saver scheme lets first-home buyers salary-sacrifice their deposit for the tax break — taxed at 15% going in and released with a 30% offset. See how much further ahead it leaves you than an ordinary savings account.

Should I use the First Home Super Saver?

Salary-sacrifice your deposit into super for the tax break, then pull it out to buy — see how much further ahead the scheme leaves you versus an ordinary savings account.

Contribution per year

Max $15,000/yr, $50,000 in total.

Years saving

Your income (sets your tax rate)

Sacrificing $15,000 a year for 3 years ($45,000 in all), at a 30% marginal rate

saving via FHSS gets you $7,987 more toward your deposit than an ordinary account

FHSS, after release tax

$41,142

Ordinary savings account

$33,155

Both put the same pre-tax pay aside. FHSS is taxed at 15% going in (not your marginal rate), grows at the ATO deemed rate, and the release is taxed at your marginal rate less the 30% offset.

FHSS, after release tax$41,142

Ordinary savings account$33,155

The gain comes from paying 15% contributions tax instead of your marginal rate, and the 30% offset on release. Associated earnings use the ATO deemed rate (indicative). Open the deep dive for the full breakdown. A guide, not financial advice.