How to use the FHSS calculator
- 1 Enter your taxable income.
- 2 Enter your yearly FHSS salary sacrifice, up to $15,000.
- 3 Choose the years you will save.
- 4 Enter the deemed earnings rate and a bank rate to compare.
Worked example
An $85,000 earner salary sacrificing $15,000 a year for 3 years. Contributions save about $14,400 of income tax. About $40,990 can be released, and after tax on release of about $820 you receive about $40,170. Saving the same after-tax cost in a bank at 4.5% would give about $31,998, so FHSS is about $8,173 ahead.
Using FHSS without mistakes
- Order matters: request an FHSS determination from the ATO before you sign a purchase contract, or within 14 days after signing in some cases.
- Time to buy: once money is released you have 12 months to sign a contract, which can be extended.
- Couples can each use the scheme, doubling the amount for the same home.
- Employer SG does not count; only voluntary contributions can be released.
See your deposit's LVR with the LVR Calculator, and how much you can borrow with the Borrowing Power Calculator.
Features
FHSS limits
$15,000 a year and $50,000 in total.
Tax on release
Marginal rate less the 30% FHSS offset.
Bank comparison
Shows the advantage over a savings account.
When to use it
First home buyers
Decide whether FHSS beats a savings account. Check your deposit with the LVR Calculator.
Couples
Each partner can release up to $50,000. See how much you can borrow with the Borrowing Power Calculator.
Timing
Plan contributions before you buy. Set up the Salary Sacrifice Calculator plan.
Higher earners
See a bigger benefit at higher marginal rates. Compare with the Savings Goal Calculator.
Related Pay and Super tasks
Frequently asked questions
What is the FHSS scheme?
A scheme that lets first home buyers save a deposit inside super, taking advantage of super's lower tax rate.
How much can I save?
Up to $15,000 of voluntary contributions a year and $50,000 in total.
How much can be released?
85% of concessional contributions, 100% of non-concessional contributions, plus deemed earnings.
How is the release taxed?
Concessional amounts and earnings are taxed at your marginal rate, less a 30% offset.
Who is eligible?
People aged 18 or over who have never owned property in Australia, with some exceptions for financial hardship.
When must I apply?
You must request an FHSS determination and release before signing a contract or within 14 days after.
How long do I have to buy?
12 months from release, with possible extensions.
Do employer SG contributions count?
No. Only voluntary contributions count.
What are deemed earnings?
Earnings calculated by the ATO using a set rate linked to the 90-day bank bill rate plus 3%.
Can a couple use it together?
Yes. Each person can release up to $50,000 for the same home.
Is FHSS better than a high-interest savings account?
Usually yes for people on a 30% marginal rate or more, because contributions are taxed at 15% and the release gets a 30% offset.
What are the risks?
Release takes time, the rules are strict, and money not released stays in super until retirement.
Can I use FHSS with the First Home Guarantee?
Yes. FHSS savings can form part of the 5% deposit.
How do I request a release?
Through ATO online services in myGov, first requesting a determination and then a release.
Results are estimates based on the official rates linked above. Confirm important figures with the issuing authority or a qualified adviser before you act on them.
Built and reviewed by Hamza Farooq, founder and lead developer
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