To be eligible to use this scheme, you must:
- Be 18 years or older; however, voluntary contributions made before age 18 may still be eligible for release.
- Have never owned property in Australia (main residence, investment property, commercial property, vacant land, lease of land or company title interest in land); however, an exemption may be granted if you have lost your property due to financial hardship.
- Have not previously withdrawn funds under this scheme.
- Intend to use the withdrawn funds to purchase or construct your home (excluding houseboats and motor homes), and:
- Enter into a contract within 12 months of the funds being withdrawn; however, an extension may be granted.
- Occupy (or intend to occupy) the premises as soon as practicable, and for at least 6 months of the first 12 months after it’s practicable to do so.
Please note: If you are unable to enter a contract within the required period, and have not been granted an extension, you must recontribute the withdrawn funds (net of tax withheld) back into superannuation or keep the withdrawn funds and pay a First Home Super Saver Tax (20% of the assessable withdrawn funds).
The 2021 Federal Budget has proposed increasing the maximum releasable amount of voluntary contributions from $30,000 to $50,000 effective from 1 July 2022.