What’s the benefit?Show more
Due to the favourable tax treatment generally available through super, this scheme intends to help first home buyers grow their deposit more quickly.
When the money is withdrawn, amounts that were contributed as before-tax or tax-deductible contributions will be taxed at your marginal tax rate, less a 30% tax offset, while amounts that were contributed as after-tax contributions aren’t subject to additional tax.
When can I start making contributions?Show more
If eligible, any voluntary contributions you’ve made to your super since 1 July 2017, can be used to save for a home deposit. If you’re aged 18 and over and have never owned property in Australia, you may be eligible for the FHSSS. Please check with the ATO confirm your eligibility.
From 1 July 2018 you can apply to release your voluntary contributions, along with associated earnings, to help you towards buying your first home. Please note you can only apply to release one FHSSS withdrawal in your lifetime.
Will it be enough for a home deposit?Show more
Depending on where you’re looking to buy and what your budget is, the savings you accumulate through the scheme may not be enough for your whole deposit. But you could combine it with other savings, to help you reach your goal faster.
Plus, if you plan to purchase with your partner and they are eligible for the scheme, you could each withdraw eligible contributions up to $30,000 plus the associated investment earnings towards a deposit for your first home.
Things to consider
- The government sets eligibility rules and conditions for the scheme. Additional rules may apply to your situation, so make sure you do your research before making any decisions.
- To withdraw under the FHSSS, you need to apply to the ATO. You’ll only be allowed one FHSSS withdrawal in your lifetime.
- There are super contributions which will not qualify and cannot be withdrawn under the FHSSS, such as super guarantee contributions made by your employer, as well as spouse contributions.
- FHSSS amounts that you withdraw and do not subsequently use for a property purchase must be put back into super as after-tax contributions, or penalties will apply.
- You must reside at the property for at least six months in the first 12-month period from when it can be occupied.
Still have questions?
How can I make contributions?
There are different ways to top-up your super. Please ensure you consider your circumstances before deciding what’s right for you.
- You can generally make a personal contribution via BPAY® or cheque. Find your payment details in My AMP.
- Speak to your employer about making before-tax contributions from your salary, also known as salary sacrifice.
Check out what you need to consider before making a contribution.
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Important informationShow more
Any advice on this page is general in nature and is provided by AMP Life Limited ABN 84 079 300 379, AFS Licence No. 233671 (AMP Life). The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on this advice you should consider the appropriateness of this advice having regard to those matters and consider any relevant product disclosure statement before making any decision. Although the information is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.
AMP Life is part of the AMP Group and can be contacted on firstname.lastname@example.org. If you decide to purchase or vary a financial product, AMP Life and/or other companies within the AMP Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.