We’ve been in the mortgage business for over 14 years and George Samios (our founder) says the government grants are the best he’s ever seen!  We are across all of the grants available to you so read below to learn how first time buyers are using them to get into the property market!


To be eligible for the FHSS Scheme, you must be at least 18 years old and have never owned property in Australia before. Certain conditions and restrictions apply, so it’s important to check the specific eligibility requirements outlined by the Australian Taxation Office (ATO) or consult with a financial advisor.


Under the FHSS Scheme, eligible individuals can make voluntary contributions to their superannuation fund specifically for the purpose of saving for a first home deposit. These voluntary contributions can be made through salary sacrifice arrangements or personal contributions claimed as a tax deduction. The total amount of voluntary contributions allowed is subject to limits set by the government.

Contributions Cap

The FHSS Scheme has a cap on the amount of voluntary contributions that can be made. The current cap is $15,000 per financial year and has an overall limit of $30,000. This means that eligible individuals can contribute up to $15,000 per year towards their superannuation under the FHSS Scheme, and a total of $30,000 across multiple financial years.

Tax Benefits

One of the main advantages of the FHSS Scheme is the tax benefits it offers. Voluntary contributions made under the scheme are taxed at the concessional superannuation tax rate, which is generally lower than the individual’s marginal tax rate. This can result in potential tax savings when compared to saving outside of superannuation.

Withdrawing Funds

Once the voluntary contributions have been made, individuals can apply to the ATO to release these funds for the purpose of purchasing their first home. The released amount includes both the voluntary contributions and associated earnings. It’s important to note that there are specific conditions and timelines for withdrawing the funds, and they must be used towards purchasing a first home.

Maximum Release Amount

The maximum amount that can be released under the FHSS Scheme is the sum of the voluntary contributions made, plus a deemed rate of earnings calculated by the ATO. The exact calculation method may vary, and it’s advisable to check the ATO guidelines or consult a financial advisor for more information.

Recontributing Withdrawn Funds

After withdrawing the funds under the FHSS Scheme, individuals are required to sign a contract to purchase or construct their first home within a specified time frame. If the funds are not used for this purpose, they must be recontributed to their superannuation or face potential penalties.

Super Saver Scheme

Everything You
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Madd Tip

It’s important to consider the long-term implications of withdrawing funds from superannuation, as it may impact retirement savings and potential investment returns. Before participating in the FHSS Scheme, we recommend setting up some time with your Madd Life team or Madd Home Loans Team member to ensure this is the right decision for you and your circumstance.

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