The First Home Super Saver Scheme could boost your savings up to 30% faster, compared with saving through a standard deposit account. As an individual, you can make voluntary contributions of up to $15,000 per year and $30,000 in total, within existing contribution caps, to your superannuation account to go towards purchasing your first home. First home buyers can apply to have their additional super contributions released from 1 July 2018.
The First home super saver (FHSS) scheme was introduced by the Australian Government in the Federal Budget 2017–18 to reduce pressure on housing affordability.
The FHSS scheme allows you to save money for your first home inside your superannuation fund. This will help first home buyers save faster with the concessional tax treatment of super.