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FHSS calculator: what the First Home Super Saver scheme adds to your deposit

Work out your FHSS release from salary sacrifice or after-tax contributions: what counts, the deemed earnings, the tax when you withdraw, and how it compares with saving the same money in a bank.

Updated October 2026·Free, no sign-up

You and your contributions

Salary before super

Before tax and before any salary sacrifice. Used as your taxable income.

How you’d contribute

Salary sacrifice, or a personal contribution you claim a tax deduction for.

Extra contributions a year

Up to $15,000 a year counts, and $50,000 in total.

Years until you buy

1 to 10. Contributions are spread evenly over each year.

Rates

FHSS deemed earnings rate (% a year)

The ATO's shortfall interest charge rate, 7.51% for October–December 2026. It changes every quarter.

Savings account rate (% a year)

For the comparison. Interest is taxed at your marginal rate.

Your FHSS release

You contribute over 3 years: $30,000
Counts towards FHSS: $30,000
Releasable (85%, after the fund's 15% tax): $25,500
Deemed earnings at 7.51%: $3,171
Maximum release: $28,671
Tax on release (30% + 2% Medicare, less the 30% offset): $573
For your deposit: $28,098

FHSS or a savings account?

The same $30,000 of pay before tax, each way:

	FHSS	Savings account
Tax going in	$4,500 (15% in the fund)	$9,600 (income tax and Medicare)
Saved	$25,500	$20,400
Earnings	$3,171 deemed	$992 after tax
Tax coming out	$573	None
For your deposit	$28,098	$21,392

FHSS leaves you $6,706 more for the deposit on these figures. The catch: the FHSS money is locked in super until you request it, and if you don’t buy you must put it back into super or pay 20% FHSS tax. Is FHSS worth it?

An estimate with 30% marginal tax on your salary, 2026–27 rates and a 2% Medicare levy. It leaves out the low income tax offset, Division 293 tax, study loan repayments and fund fees. Below a 30% tax rate the offset can also reduce tax on your other income, which isn’t counted. The ATO works out the actual release amount.

Next step

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What to do next

Pair this with…

First Home Super Saver scheme

The limits, the tax, and the timing rules since 2024.

How much deposit do I need?

5%, 10%, 20%, plus government schemes and FHSS.

Borrowing power

What lenders will let you borrow on your income.

How each figure is worked out

Counts towards FHSS: your voluntary contributions, up to $15,000 each financial year and $50,000 in total, oldest first. Your employer’s compulsory super never counts.
Releasable: 85% of before-tax contributions (the fund has paid 15% tax on them) and 100% of after-tax ones.
Deemed earnings: the shortfall interest charge rate, compounding daily from the first day of the month each contribution was made. The calculator holds the rate you enter; the real rate moves each quarter.
Tax on release: the before-tax part and all the earnings are added to your taxable income in the year you request the release, at your marginal rate plus the 2% Medicare levy, less a 30% offset.
Savings account: the same pay taken home after income tax and Medicare, saved monthly, with interest taxed at your marginal rate.

The deemed earnings rate

The shortfall interest charge rate is the 90-day bank bill rate plus 3 percentage points, set each quarter.

Quarter	Rate (% a year)
October–December 2026	7.51%
July–September 2026	7.43%
April–June 2026	6.96%
January–March 2026	6.65%
October–December 2025	6.61%
July–September 2025	6.78%

Sources: ATO: Shortfall interest charge rates, ATO: About FHSS release amounts, ATO: Step 4, receiving your FHSS amount and ATO, tax rates for Australian residents, 2026–27 (2026–27), checked 7 October 2026.

What the calculator can't check

Whether you’re eligible (18 or over and never owned property in Australia), unused concessional cap you can carry forward, Division 293 tax, study loan repayments and the low income tax offset. Read the FHSS guide for the rules, and request an FHSS determination in myGov to see your actual amount before you rely on it.

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Common questions

How is the FHSS calculated?

The ATO counts up to $15,000 of your voluntary contributions a year and $50,000 in total. You can release 85% of the before-tax ones and all of the after-tax ones, plus deemed earnings at the shortfall interest charge rate (7.51% for October–December 2026). Salary sacrificing $10,000 a year for 3 years gives a maximum release of $28,671: $25,500 of contributions and $3,171 of earnings.

How much tax do you pay on an FHSS withdrawal?

The before-tax contributions you release and all the earnings are taxed at your marginal rate plus the 2% Medicare levy, less a 30% offset. On a 30% marginal rate that leaves the 2% levy: $573 on the $28,671 in the example. The ATO withholds its estimate before paying you (17% if it can't estimate your rate) and settles the rest in your tax return.

Is FHSS better than saving in a bank account?

Usually, if you salary sacrifice and your marginal rate is 30% or more. On a $90,000 salary, $30,000 of salary sacrifice over 3 years leaves $28,098 for the deposit through FHSS against $21,392 in a bank at 4.5%. With after-tax contributions the gain is only the higher deemed earnings rate: $2,204 on the same amounts.

Can I salary sacrifice for FHSS above $15,000 a year?

You can, but only $15,000 a year counts for FHSS and the rest stays in super. Your employer's 12% super guarantee and your salary sacrifice also share the $32,500 concessional cap for 2026–27, so check you stay under it.

Why does my fund balance differ from my FHSS amount?

FHSS earnings are deemed, not real. The ATO uses the shortfall interest charge rate whatever your fund actually earned, so your release can be more or less than the growth in your account.