First Home Super Saver (FHSS) Calculator
See how much extra deposit the FHSS scheme could give you vs saving in the bank – FY2026-27 rates.
How the model works: sacrificed contributions are taxed 15% going into super. 85% of your concessional contributions are releasable, plus deemed associated earnings (the ATO uses a set formula rate, not your fund’s actual return – adjust the deemed rate above). The assessable released amount is taxed at your marginal rate minus a 30% offset. The bank comparison puts the same gross salary through your marginal tax rate first, then earns interest which is also taxed. Caps applied: $15,000 of eligible contributions per year, $50,000 lifetime.
This calculator and page are general information only and not financial advice. Everyone’s circumstances will vary – always do your own research and consult your own financial professionals before making decisions.
There aren’t many free lunches in Australian tax. The First Home Super Saver scheme is one of them.
Save your deposit through super instead of a bank account and the tax office takes a dramatically smaller bite on the way through.
The calculator shows exactly how much bigger your deposit gets.
How the scheme actually works
Three steps.
One – you make voluntary contributions into super, typically by salary sacrifice, up to $15,000 of eligible contributions per year and $50,000 lifetime. Your employer’s compulsory 12% doesn’t count and can’t be withdrawn.
Two – those sacrificed dollars get taxed at 15% instead of your marginal rate, exactly like regular salary sacrifice.
Three – when you’re ready to buy, you apply to the ATO to release 85% of your concessional contributions plus “associated earnings” calculated at a set formula rate. The released amount is taxed at your marginal rate minus a 30% offset – which for most people means a small final haircut, not a big one.
Net effect: on a middle income, saving the same gross salary through FHSS instead of a bank account typically produces thousands of dollars of extra deposit. The calculator above puts a number on it for your situation.
Who gets the most out of it
The scheme rewards two things: a higher marginal tax rate and a longer runway.
If you’re in the 30% or 37% bracket and can commit contributions for two or more years before buying, the gap over bank savings gets serious. If you’re months from buying, the tax benefit still exists but the earnings runway is short.
Couples: eligibility is per person, not per household. Two eligible partners can each run their own $50,000 – up to $100,000 of tax-advantaged deposit between you.
The rules that catch people out
You must never have owned property in Australia – including investment property and vacant land. You get one release in your lifetime. You must request your ATO determination before any property transfers to you. After release you generally have 12 months to sign a contract. And if you’re claiming a deduction for a personal contribution, the notice of intent must be lodged before you request the determination – miss that order and the contribution loses concessional treatment.
None of these are dealbreakers. All of them are sequence-sensitive. Read the ATO’s FHSS page properly before you pull any levers.
FAQ
What are “associated earnings”? Not your fund’s actual returns – the ATO calculates deemed earnings using a set formula rate (based on the 90-day bank bill rate plus 3%). That’s why the deemed rate in the calculator is adjustable.
Do FHSS contributions count toward the concessional cap? Yes – your sacrifice plus employer contributions must fit inside the $32,500 cap (2026-27). The calculator warns you if they don’t.
What if I don’t end up buying? You can recontribute the released amount to super or keep it and pay FHSS tax. Don’t request a release until you’re genuinely close to buying.
Can I use FHSS with other first home buyer schemes? Generally yes – FHSS stacks with state first home buyer concessions and federal guarantee schemes, subject to each scheme’s own rules.
The deposit is the first boss fight
Saving a deposit is most people’s first real test of sustained financial discipline – and the habits it builds are the same ones that build a portfolio afterwards. The side hustles and cash flow systems I used to stack my first $100K work just as well for a deposit. The First $100K has all of it – get it here!