Exciting news! If you already own a home in New Zealand, you can still apply for the Australian First Home Super Saver scheme (FHSS) to buy your first home in Australia.

What is the FHSS?

The FHSS scheme lets you utilize personal voluntary contributions to your super account to save for and buy your first home in Australia.

Your KiwiSaver transfer counts as a personal voluntary contribution. You can combine both your KiwiSaver and personal voluntary contributions within the FHSS scheme.

Please note: Super Guarantee (SG) contributions from your employer cannot be applied toward FHSS.

How much can I access for my first home?

The most you can access from your super account is $15,000 in any one financial year. You can access up to a total of $50,000 per person over several years.

If you are a couple and save $15,000 each financial year, over several years, you could access a combined amount of $100,000. 

The dollar amounts are in Australian dollars.

Using your KiwiSaver for FHSS

First, you’ll need to transfer your KiwiSaver to a super fund that accepts KiwiSaver transfers, like First Super. Keep in mind that there are only a few super funds that allow these transfers.

You must transfer your entire balance. Be mindful of transfer limits; no matter how much you transfer, the maximum you can use from your KiwiSaver transfer toward the FHSS is $15,000.

As mentioned earlier, to access the full amount of $50,000 per person, you’ll need to make additional voluntary contributions to your super account.

How to apply for FHSS?

The ATO are responsible for setting and applying the rules for the FHSS scheme and not the super fund. 

The super fund can only release money under the FHSS scheme when instructed by the ATO.

The ATO website is an excellent resource and has all the information you need in relation to FHSS and eligibility.

When you are ready, you can apply for FHSS through the Australian myGov portal. 

When to apply and how your super fund can help?

When you are thinking about purchasing your first home in Australia, get in touch with your super fund. They can help explain the FHSS rules and when to apply. They can also send key information about your super account to the ATO.

You must apply for and receive a FHSS determination with the ATO before you sign any property sale contract for your first home.

It takes approximately 2-6 weeks to transfer your KiwiSaver over to Australia. Your KiwiSaver balance must be in a KiwiSaver accepting super fund, like First Super before you apply for FHSS.

If you sign contracts before receiving a FHSS determination from the ATO you will not be eligible for the FHSS. 

Downside of the FHSS

Saving money for a deposit can take time. 

If you change your mind or are unable to purchase your first home, the amount of money saved in your super cannot be withdrawn. It will stay in your super account as part of your retirement savings until you reach your preservation age.