Invest
Super saver scheme changes to benefit FHBs
The federal government’s First Home Super Saver Scheme is due for an upgrade.
Super saver scheme changes to benefit FHBs
The federal government’s First Home Super Saver Scheme is due for an upgrade.

The government’s First Home Super Saver Scheme (FHSSS) was already one of the best advantages available to first-time property buyers, but it’s getting a little more generous in 2022.
Rather than draw up to the previous cap of $30,000 from their super fund for use as a deposit on their home loan, the scheme will now allow eligible first home buyers to draw up to $50,000 from their superannuation.
Super Central executive consultant Michael Hallinan said that the new changes to the scheme would come into effect from 1 July 2022 but noted that there are still a few terms and conditions.
Namely, just because you have $50,000 in your super fund doesn’t necessarily mean you can withdraw that amount.

“Contributions eligible to participate in the FHSS Scheme are voluntary concessional and non-concessional contributions made on or after 1 July 2017,” he explained, adding that salary sacrifice contributions are typically considered to be personal deductible contributions.
In other words, any personal super contributions made prior to that date aren’t eligible to be withdrawn through the FHSSS.
The scheme also limits the amount of contributions that can be withdrawn to $15,000 per year.
If you’re one of the many younger Australians hoping to leverage the scheme to step onto the property ladder sooner rather than later, this is a limitation that you might want to keep in mind.
Mr Hallinan reminded those considering the scheme that the Australian Taxation Office is the ultimate arbiter when it comes to how much can be withdrawn.
“While an individual can, from time to time (subject to some limits) request the ATO to issue a determination as to the current value of the maximum releasable amount, once the individual requested the ATO to authorise the release of funds pursuant to the determination, no further determinations or releases can be made,” he explained.
While not without controversy, the FHSSS has found some support within the property industry in the years since its introduction.
Research released by Homeloanexperts.com earlier this year asserted that a majority of millennials believe that the housing market needs more regulation in order to slow housing price growth and entice more first home buyers into the market.
A further 40 per cent of those surveyed said that these new measures should look to target first home buyers directly, akin to the federal government’s First Home Super Saver Scheme.
In the absence of affordability, Homeloanexperts.com.au CEO Alan Hemmings said millennials are looking to find new ways into the market.
“Whether this involves them delaying their purchase, turning to family members to act as guarantor or even considering other options like rentvesting, millennials are being forced to consider other methods in their property journey,” he said.
About the author

About the author


Property
Young buyers poised for a comeback as 5% First Home Guarantee takes effect
In a move set to reshape the Australian property landscape, the government’s revamped First Home Guarantee is poised to open the doors of homeownership to a new generation of young AustraliansRead more

Property
AFG Securities waives settlement fees for first-home buyers, signalling strategic shift
In a strategic move aimed at easing the financial burden on first-home buyers, AFG Securities has announced the elimination of settlement fees on select loans, potentially saving customers up to $699Read more

Property
From trust woes to wealth: Australian agencies' secret to boosting prices
In Australia’s residential market, trust is no longer a nice-to-have—it’s a pricing variable. Persistent distrust of real estate agents is depressing vendor outcomes and inviting regulatory heat, but ...Read more

Property
Reality check for first home buyers: Affordable suburbs with 5% deposit
In a significant development for Australian first home buyers, a new property search tool from Aussie Home Loans is set to transform the way prospective homeowners approach the market. As the Federal ...Read more

Property
Trust as a performance multiplier in Australia's real estate market
In Australia’s A$10–11 trillion housing market, trust is emerging as a crucial factor that sellers and agencies can no longer afford to overlook. Traditionally viewed as a soft metric, trust is now ...Read more

Property
LJ Hooker Lake Macquarie makes a splash with Belmont buy as real estate consolidation looms
LJ Hooker Lake Macquarie’s acquisition of the Belmont office, including its rent roll, is less about shopfronts and more about balance‑sheet resilience. In a market where listings ebb and flow with ...Read more

Property
Twice the demand: the case study behind Melbourne’s first‑home buyer surge
Melbourne has quietly engineered one of Australia’s most consequential housing turnarounds, with first‑home buyer demand running at roughly double the national pace and four of the top five buyer ...Read more

Property
First‑home buyers now anchor Australia’s mortgage growth — but the risk maths is changing
Great Southern Bank’s revelation that nearly one in three of its new mortgages went to first‑home buyers is not an outlier. It is the leading edge of a broader market realignment powered by government ...Read more

Property
Young buyers poised for a comeback as 5% First Home Guarantee takes effect
In a move set to reshape the Australian property landscape, the government’s revamped First Home Guarantee is poised to open the doors of homeownership to a new generation of young AustraliansRead more

Property
AFG Securities waives settlement fees for first-home buyers, signalling strategic shift
In a strategic move aimed at easing the financial burden on first-home buyers, AFG Securities has announced the elimination of settlement fees on select loans, potentially saving customers up to $699Read more

Property
From trust woes to wealth: Australian agencies' secret to boosting prices
In Australia’s residential market, trust is no longer a nice-to-have—it’s a pricing variable. Persistent distrust of real estate agents is depressing vendor outcomes and inviting regulatory heat, but ...Read more

Property
Reality check for first home buyers: Affordable suburbs with 5% deposit
In a significant development for Australian first home buyers, a new property search tool from Aussie Home Loans is set to transform the way prospective homeowners approach the market. As the Federal ...Read more

Property
Trust as a performance multiplier in Australia's real estate market
In Australia’s A$10–11 trillion housing market, trust is emerging as a crucial factor that sellers and agencies can no longer afford to overlook. Traditionally viewed as a soft metric, trust is now ...Read more

Property
LJ Hooker Lake Macquarie makes a splash with Belmont buy as real estate consolidation looms
LJ Hooker Lake Macquarie’s acquisition of the Belmont office, including its rent roll, is less about shopfronts and more about balance‑sheet resilience. In a market where listings ebb and flow with ...Read more

Property
Twice the demand: the case study behind Melbourne’s first‑home buyer surge
Melbourne has quietly engineered one of Australia’s most consequential housing turnarounds, with first‑home buyer demand running at roughly double the national pace and four of the top five buyer ...Read more

Property
First‑home buyers now anchor Australia’s mortgage growth — but the risk maths is changing
Great Southern Bank’s revelation that nearly one in three of its new mortgages went to first‑home buyers is not an outlier. It is the leading edge of a broader market realignment powered by government ...Read more