First Home Super Saver Calculator

🏦 Finance & Money — Australia

First Home Super Saver Calculator

See how much faster you can save a deposit using your super's lower tax rate — up to $50,000 total.

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First Home Super Saver Calculator

Voluntary contributions to super are taxed at just 15% going in, versus your marginal rate in a bank account.

Capped at $15,000/year toward the FHSS scheme
Include the Medicare Levy if applicable — common brackets: 19%, 32.5%, 37%, 45% (+2% Medicare)
FHSS uses an ATO-set deemed rate, not your fund's actual return — check the current rate at ato.gov.au
Please enter your annual contribution and deemed earnings rate.
Available for Your Deposit
$0
Total Contributed
$0
Deemed Earnings
$0
Tax Saved vs. Bank Account
$0
% of $50K Cap Used
0%
Note: The actual amount you receive back is taxed at your marginal rate minus a 30% offset on the way out (with the 15% contributions tax already paid going in). This calculator shows the gross available amount and the tax-rate advantage — your net released amount involves additional ATO calculations.
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What Is the First Home Super Saver Scheme?

The FHSS Scheme lets first home buyers make voluntary contributions to their super fund and later withdraw them — plus deemed earnings — to help fund a deposit. The appeal is the tax rate: voluntary super contributions are taxed at just 15% going in, compared to your full marginal rate if you simply saved in a bank account.

The Key Limits

Maximum total withdrawal: $50,000 (since 1 July 2017)
Annual contribution counted toward FHSS: $15,000/year
Eligibility: 18+, first home buyer, never owned property in Australia

To reach the full $50,000, you'd need to contribute the maximum $15,000 for a little over three years — there's no way to reach the cap faster by contributing more in a single year, since the annual sub-cap applies regardless of the total cap remaining.

How to Use This Calculator

Enter your planned annual voluntary contribution (up to $15,000) and how many years you intend to contribute. Add your marginal tax rate to see the tax-rate advantage compared to saving the same amount in a standard bank account, and a deemed earnings rate (check the ATO's current published rate, since it's not the same as your fund's actual investment return).

Why FHSS Uses a "Deemed" Rate, Not Your Fund's Actual Return

The amount you can withdraw under FHSS grows using an ATO-published deemed rate, not whatever your super fund actually earned on those contributions. This standardizes the calculation regardless of which fund or investment option you're in — check the current rate directly on the ATO website, since it's reviewed periodically.

💡 Because the deemed rate applies regardless of your fund's actual performance, the FHSS scheme's benefit comes primarily from the tax saving on the way in (15% versus your marginal rate), not from investment growth while the money sits in super.

Eligibility Requirements

  • You must be 18 or older at the time you request release
  • You must be a first home buyer who has never owned property in Australia
  • Your name must be on the title of the property you intend to buy

The Withdrawal Process Takes Time

Releasing funds under FHSS requires applying through both the ATO and your super fund, and typically takes 15–25 business days to process. Factor this into your home-buying timeline — it's not an instant transfer like withdrawing from a savings account.

How FHSS Interacts With Division 293

If you're a high earner, note that FHSS released amounts are specifically subtracted when calculating your Division 293 income — so using FHSS doesn't push you further toward that separate high-income super tax.

Where This Fits Your Bigger Picture

Combine this with the First Home Guarantee calculator or Help to Buy calculator for your full deposit strategy, and check Division 293 if you're a high-income earner.

Frequently Asked Questions

How much can I withdraw under FHSS?
Up to $50,000 total in contributions (since 1 July 2017), plus deemed earnings on top of that amount — subject to the $15,000/year contribution sub-cap.
How long does it take to release FHSS funds?
Typically 15–25 business days, since the process requires coordination between the ATO and your super fund.
Do I pay tax when I withdraw FHSS funds?
Yes — the released amount is taxed at your marginal rate minus a 30% tax offset, accounting for the 15% contributions tax already paid when the money went into super.
Can my partner and I both use FHSS for the same property?
Yes — if you're both eligible first home buyers and both have your names on the title, you can each access your own FHSS savings, potentially combining up to $100,000 total between you.
What if I don't end up buying a home?
You can request your FHSS contributions remain in super as a normal retirement contribution, since the money was made as a valid super contribution regardless of whether you proceed with the FHSS release.
Does FHSS affect Division 293 tax?
FHSS released amounts are subtracted when calculating your Division 293 income, so using the scheme doesn't push you further toward that separate high-income tax.
Is the deemed rate the same as my super fund's actual return?
No — the FHSS scheme uses an ATO-published deemed rate that applies regardless of how your specific fund or investment option actually performed.
Can I use FHSS alongside the First Home Guarantee?
Yes — FHSS helps you save the deposit, while the First Home Guarantee helps you avoid LMI on that deposit. They're commonly used together.
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Related Tools
🏠First Home Guarantee 🤝Help to Buy Calculator 📈Division 293 Calculator 🏦Superannuation Calculator 💼Salary Sacrifice Calculator 📋Stamp Duty Calculator

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