Estimate the home deposit you could withdraw from super under the first home super saver (FHSS) scheme, and compare it with saving the same money in a bank.
Key facts
- You can put up to $15,000 a year, and $50,000 in total, into super through the FHSS scheme and withdraw it for your first home.
- Salary sacrifice is released at 85% (after 15% contributions tax); after-tax contributions at 100%.
- Earnings are deemed at the ATO's shortfall interest charge rate: 7.51% a year for October–December 2026, whatever your fund actually earns.
- On release, the salary-sacrificed part and the earnings are taxed at your marginal rate (with Medicare) less a 30% offset.
- If you don't buy a home or recontribute the money within the time limits, a further 20% FHSS tax applies.
How it's worked out
- Each year counts up to $15,000, and $50,000 in total; salary sacrifice is released at 85%.
- Deemed earnings: the ATO's shortfall interest charge rate (7.51%, compounding daily), with contributions made evenly through each year and released at the end.
- Tax on release: the extra tax on adding the salary-sacrificed part and the earnings to your income, at 2026–27 rates with the Medicare levy, less the 30% offset.
- Bank comparison: the same cut in your take-home pay saved each year at the bank rate, with interest taxed at your marginal rate.
Salary sacrifice $15,000 a year for 3 years
| Salary | FHSS deposit | Bank savings | FHSS advantage |
|---|---|---|---|
| $60,000 | $41,933.13 | $31,287.32 | $10,645.80 |
| $90,000 | $42,033.13 | $32,024.93 | $10,008.20 |
| $120,000 | $40,080.76 | $32,024.93 | $8,055.83 |
| $160,000 | $37,999.48 | $28,594.96 | $9,404.52 |
Bank rate 4.5%. The SIC rate changes each quarter, so actual earnings will differ. Not included: HECS-HELP, the Medicare levy surcharge and the concessional cap if your employer's super is already high.
Common questions
How much can I save with the first home super saver scheme?
Up to $50,000 of contributions ($15,000 a year), plus deemed earnings. With $15,000 a year of salary sacrifice for 3 years on a $90,000 salary, you'd get about $42,033.13 after tax.
Is the FHSS better than a savings account?
Usually, for salary sacrifice, because contributions are taxed at 15% instead of your marginal rate and earnings are deemed at 7.51%. The calculator compares both.
How is the FHSS release taxed?
The salary-sacrificed amount and all earnings are added to your income, taxed at your marginal rate including Medicare, with a 30% tax offset. After-tax contributions come back tax-free.
How long does an FHSS release take?
Usually 15 to 20 business days after a valid release request. You must request a determination before the property transfers to you.
See also the salary sacrifice calculator and super rates and thresholds.
Sources: ATO FHSS release amounts, receiving your FHSS amount, FHSS tax assessment and shortfall interest charge rates. Checked 22 October 2026. An estimate, not financial advice.