Can you use your super for a first-home deposit? Not the whole balance

Your super account balance is not the amount you can simply withdraw for a first home. The Australian Taxation Office's First Home Super Saver (FHSS) scheme applies to eligible voluntary super contributions and associated earnings, subject to its rules and limits. Compulsory employer Super Guarantee contributions are not eligible FHSS contributions.

Start with the contribution history, not the account total. Voluntary concessional and non-concessional contributions may qualify under the scheme. Some contributions or circumstances are excluded, so check your own records and the current ATO eligibility rules rather than estimating from a balance shown in an app.

Separate three sources of super

First, identify eligible voluntary contributions. Second, separate compulsory employer contributions. Third, do not count the rest of the balance as a lump-sum home deposit under FHSS. The ATO calculates associated earnings and the releasable amount under its rules; these may differ from actual fund investment returns.

Request an FHSS determination through the ATO to confirm the maximum releasable amount. A determination is not a mortgage pre-approval and does not guarantee that a lender will accept an application.

Check the sequence before signing

The ATO says a determination must be requested before ownership transfers to you. The release process can take 15–20 business days. Check the current rules on when to request release relative to signing a contract, and allow for settlement timing rather than treating the money as instantly available.

Put the confirmed FHSS amount alongside other savings, stamp duty and other buying costs. Keep a cash buffer and discuss with a conveyancer or solicitor if the purchase timetable is tight.

Plan the deposit and loan together

BV Finance can help compare eligible home-loan options against the deposit you can actually use. Loan pricing and approval depend on individual circumstances and lender assessment; for FHSS eligibility, tax and release rules, follow the ATO and seek qualified advice where needed.

Sources and practical tools

Australian Taxation Office — First home super saver scheme

General information only. This is not financial advice. Loan options and eligibility depend on your personal income, liabilities, assets and lender assessment criteria.