Looking to buy your first home? You can use your super to help

02 May 2019

First home super saver scheme - BUSSQ Super

The First Home Super Saver Scheme allows you to invest more in your super to save for your first home. 

This case study will help you understand how Matt and Jenny reduced their take home pay by $310 per week to save a $42,350 deposit in two years with the First Home Super Saver Scheme.

Matt and his partner Jenny are looking at ways to get into the property market and have decided to save for a home using the First Home Super Saver Scheme.  

Matt works on construction jobs and earns $75,000 a year plus higher than normal super contributions from his employer.  Jenny works full time earning $70,000 plus the normal super contributions.  

After receiving some advice, they have decided to commence salary sacrificing into super for their dream home which they hope to purchase in two years.  

Matt will salary sacrifice $10,000 a year into super and Jenny will salary sacrifice just under $15,000 a year from her income into super.  

This will see their combined take home pay go from $2,151 per week down to $1,842 per week, a reduction of $310. Details on how salary sacrifice impacts Matt and Jenny’s pay can be seen in the below table.

In two years’ time when they plan to purchase their first home Matt and Jenny will be able to withdraw the contributions they have salary sacrificed, less some tax payable, to use for their deposit.  

At this time Matt will be eligible to withdraw $16,995 (after tax). Jenny will be able to withdraw $25,355 (after tax). This total of $42,350 can be used to form the deposit for their first home. This deposit may also be boosted by a first home owners grant.

Using this plan to save for their first home with super Matt and Jenny saved an additional $9,576 than if they were saving outside of super. This additional saving is due to the lower taxation rates that apply to super.  

There are limits to how much you can save for your first home within super. Find this information and details on the scheme in our Super Handbook.

Learn more about the First Home Super Saver Scheme and how BUSSQ and Skylight can help you boost savings for your first home with super. For more information call us on 1800 692 877.


Matt and Jenny's first home savings with and without super^

Saving with super Saving outside super
Matt Jenny Matt Jenny
First home savings after 2 years $16,995* $25,355* $13,221 $19,553
^ Calculations sourced from First Home Super Saver Scheme Estimator https://www.budget.gov.au/estimator


Details of Matt and Jenny's pay with salary sacrifice

  Matt Jenny
Weekly Calculations Without Salary Sacrifice With Salary Sacrifice Without Salary Sacrifice With Salary Sacrifice
Salary (pre-tax) $1,442 $1,442 $1,346 $1,346
First home savings salary sacrificed into super n/a $192 n/a $288
Total taxable income $1,442 $1,250 $1,346 $1,058

Total tax payable on income
$325 $258 $292 $189
Take home pay after tax (net)
$1,117 $992 $1,054 $869
Reduction in take home pay with salary sacrifice
n/a -$125 n/a -$185

Based on 2018/19 tax rates. Note all figures have been rounded to the nearest whole dollar amount.


Prepared by BUSS (Queensland) Pty Ltd (ABN 15 065 081 281, AFSL 237860) as Trustee for BUSSQ (BUSSQ Fund, ABN 85 571 332 201). BUSSQ owns Skylight Financial Solutions Pty Ltd (ABN 46 076 835 848, AFSL 450139), the company that provides financial advice to our members. This information is general advice only and does not take into account or consider your personal objectives, financial situation or needs. Before acting, you should review the relevant Product Disclosure Statement to ensure you have all the information about the relevant BUSSQ product and how it works and consider the appropriateness of the information to your needs or seek independent advice from a properly qualified professional. Past performance is no guarantee of future performance.

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