First Home Saver Accounts Budget Update

First Home SaversA small change to the First Home Saver Accounts scheme was announced by the Federal Treasurer Mr Swan in the Budget last week.

Previously there was a four year waiting period before the First Home Saver Account (FHSA) could be used to help purchase a new home. If you did buy a home within this time period then the balance of the FHSA would be compulsorily transferred to your superannuation account.

The proposed changes will enable the accumulated account balance at the end of the the four year period to be paid into an eligible mortgage. So if you purchase a home within the 4 year qualifying period you have to wait to the end of it before the funds can be released into your new mortgage.

Budget Overview

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