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First Home Super Saver

pearl sparkle

Speed up your home deposit.

Boost your first-home deposit by up to $15,000*

Coming soon in 8 days
Row of housesRow of houses

A $15k boost?!

You're kidding...?

Use the government's calculator to run your own numbers.

Learn more
How do you get to $15k?

This example assumes that in six years, an $80K earner saving $510/month could boost their deposit by $15K with a 7.34% p.a. FHSS deemed return versus 4.5% p.a. bank interest.

But, how though?

When you save via superannuation the government charges you 15% tax on the money you earned to put in there, even if you're taxed at 30-45% on your normal income.

I want to know more.

Read more about the FHSS and explore case studies here.

*These calculations are estimates and don't factor in your personal situation, but they're a great way to understand how the FHSS can work.

Question mark

How come I haven't heard about this?

You're not alone... Savings in the scheme get taxed at 15% - you can reinvest the tax saving/return, boosting your deposit!

Learn about the FHSSS

How does FHSS Compare to savings accounts?

Charlie is trying to save $50,000.

Bucket of coins which say FHSS on them.

VS

Piggy bank

Charlie is 24, earns $80k p.a. and their goal is a ~$50k deposit to go halves with their sibling on a $840k unit in the next 5-7 years. They can save a maximum $510 a month.

A chart showing the savings difference between using FHSS and High Interest Savings AccountA chart showing the savings difference between using FHSS and High Interest Savings Account

Comparison

pearl sparkle

FHSS

Bank Savings

Savings
$35.0k
$35k
Tax deduction reinvested
$7.5k
nil.
Total savings
$42.5k
$35k
Example gains or interest
$11.2k
$3.6k
Deposit balance
$53.7k
$38.6k
Ready to buy
6 years
Later...
See the FHSS and savings breakdown
Graph values
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
FHSS

Savings

$6,120

$12,240

$18,360

$24,480

$30,600

$35,000

Tax deduction reinvested

$1,311

$2,623

$3,934

$5,246

$6,557

$7,500

Total savings

$7,431

$14,863

$22,294

$29,726

$37,157

$42,500

Example gains

$255

$1,094

$2,561

$4,703

$7,572

$11,207

Deposit balance

$7,687

$15,957

$24,855

$34,428

$44,729

$53,707

Ready to buy

Year 6

Savings

Savings

$6,120

$12,240

$18,360

$24,480

$30,600

$35,000

Tax deduction reinvested

$0

$0

$0

$0

$0

$0

Total savings

$6,120

$12,240

$18,360

$24,480

$30,600

$35,000

Example interest

$83

$370

$862

$1,567

$2,492

$3,641

Deposit balance

$6,203

$12,610

$19,222

$26,047

$33,092

$38,641

Ready to buy

Not yet...

Charlie isn't a real person. This example is for illustration purposes only to compare the scheme to a savings account. Estimates are rounded and based on the following assumptions: future dollar terms, wages growing at 3.5% p.a., and inflation at 3.5% p.a. Additional assumptions include a FHSS deemed earnings rate of 7.34% p.a. versus a gross bank interest savings rate of 4.5% p.a.; quarterly FHSS contributions.

How many years sooner can you save for a home? Find out in just 5 minutes.

Check out the government calculator

How does FHSS Compare to regular investing?

Sally and Remy are aiming for a $200k deposit

Bucket with coins inside that have different ETF names on them.

VS

Two people around a phone learning about the first home super saver scheme

Sally earns $90k p.a. & Remy earns $70k p.a., together they save $1,020 per month. They have $100k in the bank and ETFs, and want to max out the scheme to buy in the next 5-7 years.

Chart comparing the growth of home deposit savings using FHSS vs using shares.Chart comparing the growth of home deposit savings using FHSS vs using shares.

Comparison

pearl sparkle

Couple's FHSS

Joint shares

Savings
$70.0k
$70.0k
Tax deduction reinvested
$15.0k
Nil.
Total savings
$85.0k
$75.0k
Example gains or interest
$22.4k
$14.9k
Deposit balance
$107.4K
$84.9K
Ready to buy
6 years
Later...
See the couple's FHSS and investment breakdown
Graph values
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
FHSS

Savings

$12,240

$24,480

$36,720

$48,960

$61,200

$70,000

Tax deduction reinvested

$2,623

$5,246

$7,869

$10,491

$13,114

$15,000

Total savings

$14,863

$29,726

$44,589

$59,451

$74,314

$85,000

Example gains

$510

$2,188

$5,121

$9,405

$15,143

$22,414

Deposit balance

$15,373

$31,914

$49,710

$68,857

$89,458

$107,414

Ready to buy

Year 6

Savings

Savings

$12,240

$24,480

$36,720

$48,960

$61,200

$70,000

Tax deduction reinvested

$0

$0

$0

$0

$0

$0

Total savings

$12,240

$24,480

$36,720

$48,960

$61,200

$70,000

Example interest

$323

$1,451

$3,420

$6,282

$10,096

$14,912

Deposit balance

$12,563

$25,931

$40,140

$55,242

$71,296

$84,912

Ready to buy

Not yet...

* Sally and Remy aren't real people, but our calculations are based on how the scheme works. Estimates are a simple sum of two individual examples and aren't actually joined together for the FHSS. Numbers are subject to rounding and based on the assumptions above in future dollar terms and wages increasing at 3.5% p.a. and inflation at 3.5% p.a.. Additional assumptions include an FHSS deemed earnings rate of 7.34% vs a gross investment return rate of 8.64%. This calculates FHSSS contributions quarterly.

Achieve your FHSS goals with Pearler

Track your goals, investments, savings, and FHSS in any super fund for free with Pearler.

Still unsure?

Saving beyond a regular savings account doesn't have to be scary. Safeguards are in place to support your journey to home-ownership.
Cash options for extra safety

Cash options for extra safety

Save using a high-interest cash ETFs or similar investments as a lower-risk way to grow your FHSS savings (read more).

Depiction of the government website explaining the first home super saver scheme

It's a government policy

The FHSS scheme was created to help support first home buyers, like you (read more).

Arrow pointing to an exit door

Your money isn't locked away

Unlike compulsory super contributions, voluntary deposits can be withdrawn for your first home (read more).

Cash being dropped into a person's hands

You can withdraw early

Withdraw your super contributions and earnings up to 12 months before signing your first home contract (read more).

How much does it cost?

The First Home Super Saver scheme doesn't cost anything. It's just a government scheme. To start, you'll need an active super fund, so it's worth checking the fees and whether you need to get financial advice beforehand.
Man putting money into a piggy bank
Man putting money into a piggy bank

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