Australian Finance Podcast FHSS - How to use the Super Saver Scheme (explained)
Jun 5, 2025
Discover how the First Home Super Saver Scheme can kickstart your journey to homeownership while saving on taxes. Learn the ins and outs of maximizing your superannuation contributions, eligibility criteria, and the importance of timing your deposit before key deadlines. The hosts debunk common myths and offer strategies for disciplined savings, comparing the benefits of the scheme against traditional savings accounts. Dive into essential planning tips and navigate the complexities of the system with valuable resources at your fingertips.
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What is FHSS?
- The First Home Super Saver Scheme (FHSS) is a government plan to save for a first home deposit using superannuation tax benefits.
- It accelerates savings growth and enforces discipline by restricting access until house purchase.
FHSS Contribution Limits
- Only voluntary contributions up to $15,000 per year count towards FHSS, excluding employer super guarantee.
- Ensure your contributions are within caps to maximize benefits without affecting retirement savings.
Deemed Interest Rate Benefits
- FHSS earnings are calculated using a government deemed interest rate, not actual market returns.
- This reduces risk, ensuring your savings won’t drop below the deemed rate when withdrawn for home purchase.