First Home Super Saver Scheme Explained (2026)

What is the First Home Super Saver Scheme and how does it work?

Quick answer: The First Home Super Saver Scheme lets eligible first home buyers withdraw up to $50,000 of voluntary super contributions to put toward a deposit on a home they’ll live in. Because those contributions are made before tax, there can be real tax savings, but the scheme only covers owner-occupied purchases, not investment properties.

Updated June 2026.

Been making extra contributions to your super? You might be sitting on a deposit and not even know it. This is for first home buyers in Australia trying to work out whether the First Home Super Saver Scheme is worth using, and the one rule that trips most people up.

A deposit hiding inside your super

It’s one of the first things we ask a first home buyer in a meeting: have you been putting anything into super above the compulsory 12%?

A lot of people haven’t because hardly anyone knows this scheme exists. But here’s the idea. If you’ve been making voluntary contributions into your super, you can pull those contributions back out, up to $50,000, and use them as a deposit on your first home.

So the money you’ve quietly tucked away for retirement can help you buy now.

The tax angle, and the timing trick

This one isn’t for everyone. But if you’re on a higher income, it can be powerful.

Picture it. You’ve put an extra $15,000 into your super. Because that’s above your compulsory amount, you could be getting a nice chunk of it back at tax time, that’s the benefit of contributing before tax. Then, when you’re ready, you withdraw it for your deposit.

And the timing can work beautifully. Say you’re contributing in May and buying in July, on the new side of the financial year. You’ve claimed the tax benefit, then taken the money straight back out to buy your first home. Same dollars, two wins.

One thing we have to say clearly: this isn’t tax advice and it isn’t financial advice. Whether it’s the right move depends on your income and your situation, so check with your accountant or financial planner first.

The big catch (a quick personal story)

Here’s where I learned the hard way.

When I was buying my own first home, I started putting an extra $200 a fortnight into super. The plan was simple — get the tax benefit now, take it out later for the deposit. I went through the whole ATO website, did the maths, and worked out I had about $10,000 I could pull back out.

What I didn’t realise? You can only use this scheme for a home you’re going to live in.

You can’t use it to buy an investment property or a rental. So if your first purchase is an investment, this one isn’t for you — and right now there aren’t really any first home buyer perks for investment purchases anyway.

Who actually qualifies

The eligibility rule is strict but simple: you have to be a genuine first home buyer. That means you can never have owned property in Australia before — not a home, not an investment, nothing.

When does the money actually come out?

This is the question we get most. People worry the funds won’t land in time — what if settlement is tight, or the ATO is slow, or the contract’s already signed?

Good news. You can request the release up to 12 months in advance. So if you’ve got the money sitting in super, you can have it transferred to your bank account and then use it any time in the next 12 months. No stress about lining it up perfectly with your deposit or settlement date.

Speak to a Brisbane mortgage broker

If you think the First Home Super Saver Scheme might work for you, talk to a Brisbane broker and we’ll walk you through exactly how it applies to your situation. It’s also worth reading our guide to first home buyer loans to see how the scheme fits with the rest of your deposit.

FAQ’s