How much can I withdraw from the First Home Super Saver scheme?
The First Home Super Saver (FHSS) scheme calculates interest based on deemed earnings. This means your returns won’t always be the same as the returns on your super balance, but it may provide you with a steadier outcome for your home deposit. Say your FHSS loses value and fluctuates over five years while you use the scheme, your savings may continue to grow at the deemed earnings rate.
We’re the first to admit that deemed earnings are pretty complicated, but you need to understand how they work to know how much you can withdraw from the scheme. If you want more information, click here.
Your FHSS maximum release amount comprises your FHSS releasable contributions together with associated earnings calculated by reference to those contributions (ATO). This means that your withdrawable eligible contributions under the FHSS include a maximum of $15,000 contributed each year, to a maximum of $50,000 contributed across all years. On this amount, you will receive deemed earnings calculated upon your contributions. Deemed earnings are calculated based on the Shortfall Interest Charge, which can be found here. Additionally, all concessional contributions are taxed at 15% upon deposit into your super.
For example:
✅ Contribution Breakdown:
A $10,000 concessional contribution (e.g. salary sacrifice or personal deductible) is taxed at 15% when it enters your super.
So, the amount eligible for FHSS is $8,500 (after contributions tax).
✅ Associated Earnings:
The ATO calculates deemed earnings using the Shortfall Interest Charge (SIC) rate, which is currently 7.17% p.a. (at time of writing), compounded daily.
At a flat 7% approximation, your earnings after 1 year on $8,500 = $595
So, at the end of one year the total withdrawable amount = $8,500 + $595 = $9,095
This means that every dollar you contribute (excluding tax), can be withdrawn PLUS any deemed earnings accrued on your super balance.
The returns shown are indicative only. Deemed earnings are calculated daily and aggregated quarterly, so the figures are estimates. As the scheme is subject to change, please refer to the ATO website for the most up-to-date information. Pearler updates FHSS metrics as soon as new data becomes available. The final value will be calculated by the ATO when processing your determination. Refer to the ATO for more information on the withdrawal process.
As always, before making financial decisions, please do your own research and read the Pearler Super product disclosure statement along with the TMD and other important documents listed here.
If you have more questions or would like to share any feedback, please reach out to us via our live chat or email us at help@pearler.com.