First Home Super Saver Calculator Explained for Australians
Estimates the benefit of saving a first home deposit through super under the FHSS scheme. This guide walks through what each input means, the formula behind the answer and a worked example using typical Australian figures. You can follow along in the free First Home Super Saver Calculator.
Why it matters
Buying property in Australia involves a deposit, stamp duty, lender requirements such as the APRA serviceability buffer, and ongoing repayments that move with interest rates. Investors also weigh rental yield, negative gearing and capital gains tax.
What you need to enter
The calculator asks for 2 inputs. The table shows each one with the example value used later in this guide.
| Input | Example value |
|---|---|
| Voluntary concessional contributions ($) | 15000 |
| Marginal rate incl. Medicare (%) | 32 |
The formula
Contributions are taxed at 15% going in. On release they are taxed at your marginal rate less a 30% offset. The result is compared with saving after tax.
Worked example
Entering the example values above gives these results:
| Result | Value |
|---|---|
| Estimated benefit | $2,295.00 |
| Released (approx., before earnings) | $12,495.00 |
| Same money saved outside super | $10,200.00 |
The headline figure is $2,295.00 (estimated benefit). Change any input in the calculator and every result updates instantly, so you can test different scenarios side by side.
How the estimated benefit changes with voluntary concessional contributions
The table below keeps every other input at the example value and moves only “Voluntary concessional contributions ($)” up and down by 10% and 20%. It shows how sensitive the estimated benefit is to that one figure.
| Voluntary concessional contributions ($) | Estimated benefit |
|---|---|
| 12,000 | $1,836.00 |
| 13,500 | $2,065.50 |
| 15,000 | $2,295.00 |
| 16,500 | $2,524.50 |
| 18,000 | $2,754.00 |
At 12,000 the result is $1,836.00; at 18,000 it is $2,754.00. If a small change in this input moves the answer a lot, it is worth double-checking that figure before you rely on the result.
A practical tip
You can contribute up to $15,000 a year and $50,000 in total. Apply for a determination before signing a contract.
Keep going
Before relying on the number, read First Home Super Saver Mistakes Australians Make and How to Avoid Them. You might also find these guides useful:
- Using a Mortgage Repayment Calculator in Australia: A Step-by-Step Guide
- Borrowing Power Calculator Explained for Australians
- How the Stamp Duty Calculator (NSW) Works (With a Worked Example)
Frequently asked questions
- Do these calculators match what my bank will say?
- Lenders use their own models, expense benchmarks and policies. Use these results to prepare, then speak to a lender or broker.
- Are stamp duty rates current?
- Duty thresholds are indexed or changed regularly. Always confirm with your state revenue office before relying on a figure.
- Is this financial advice?
- No. The calculators give general estimates only and don’t consider your objectives or financial situation.
Run your own numbers in the First Home Super Saver Calculator.
Open the calculatorGeneral information only. Rates and thresholds change, usually on 1 July. Confirm current figures with the ATO or the relevant authority, and get personal advice for decisions about your situation.