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Does my First Home Super Saver scheme money count as genuine savings?
Bayley Clarke · Mortgage broker on the road · Last checked 16 October 2026 · 2 min read
The short answer
Yes, of course it does. You've been salary sacrificing extra into your super on top of what your employer puts in, or lump summing money in to claim the deduction, so you can pull it out to buy your first home. That is you being intentional, and that's what genuine savings is meant to show.
The bank's genuine savings test is there to prove you can save and you aren't relying on one-off windfalls. FHSS money is built up deliberately over time and it can't be touched for anything except your first home, which is about as genuine as savings get. It's a no brainer for first home buyers looking at a timeline of one, two, or probably three years.
The 60 second version, filmed from the driver's seat. The rest of this page is the detail underneath it.
How the money gets there
There are two ways in. Either you salary sacrifice through your employer, which is extra money going into your super on top of what your employer already puts in, or you make lump sum contributions directly into your super and claim the deduction.
Either way, the point of it is the same: you're building a pot you can pull back out to buy your first home. You can't touch it for anything else, and you do have to live in the home you buy with it. So it's sitting there, ready to go for your first home, and nowhere else.
Why it counts as genuine savings
Banks run a genuine savings test because they want to see a pattern. They want to know you can put money aside month after month, because that's what proves you can afford the loan repayments once you've got the keys.
FHSS money ticks that box. It went in deliberately, over a period of time, and it's been locked away from everyday spending the whole time. You've been intentional about it, so yes, absolutely it counts. A couple of the big banks even put it in their top tier of genuine savings.
Where the banks actually split on this
Not on whether it counts. Every lender that writes about FHSS money accepts it, and a few that don't name the scheme still accept super you can access as cash. Where they split is the paperwork. One of the big banks wants the ATO letter confirming the amount. Another lender wants the bank statement showing the money landed in your account plus the ATO payment summary. Others want a super statement, and a couple of the big banks want a letter from your super fund.
They also split on timing. One lender wants the money released and in your account before you apply. One of the big banks is happy as long as it's in hand before formal approval. Another lets the FHSS amount be the one part of your funds that doesn't have to show up at application. No lender sets a holding period once the money is released, so it doesn't need to sit for three months. That timing is the bit I line up before we lodge.
The honest bit: it isn't instant cash
FHSS money doesn't sit in your bank account. It sits in your super until you ask for it to be released, and that release takes time to process. Different lenders want it at different points in the application, so the timing of getting it out needs to line up with your purchase and your lender, not be an afterthought once you've found a place.
The rules on how much you can put in and how the release works are set by the government, not by me or the bank. Check them on the official site before you plan around a number, and we'll map out where it fits in your deposit.
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Next question
How long does it take to get my First Home Super Saver money out of super, and what happens if I don't buy?FHSS money generally takes two to three weeks to land once you request a release.
Related answers
The full guide: You don't need a 20% deposit any more Can I use money sitting in my parents' account as savings? Can I buy a home with my super? How much cash do I actually need for my deposit to buy a $600,000 property? What is the catch with the 5% scheme?Not your question? Book a call and ask it, or call 0437 189 939.