Closing your account
In most instances, you'll want to close your account because you're ready to buy or build your first home. However, there are other circumstances in which you may want or need to close your account. Regardless of your circumstances, you can't withdraw just some of your money - you must withdraw the full amount and close the account.
You can close your account and withdraw the balance to build or buy your home if one of the following applies:
- You contributed at least $1,000 per year to your account in at least four financial years - the four-year rule.
- Your account balance has reached the cap and you have held the account for at least four years.
- You are building or purchasing a home with another first home saver account holder who is eligible to access their funds.
- You have a mortgage and have built or bought your home before meeting the four-year rule but you have now met your minimum qualifying period (for homes purchased after 25 May 2011).
- You have turned 60 years of age.
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Defective product disclosure statement
If you close your account because of a defective product disclosure statement (PDS) the funds can be returned to you if you closed the account within a month of opening it. If the account is closed more than one month later, the funds must be paid into your superannuation account (unless you are over 60 years old).
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Selling your home before qualifying
If you sell your home before the end of the minimum qualifying period, you must close your account and have the balance paid to your superannuation - for information on the minimum qualifying period, see Building or buying and closing your account later.
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Building or buying your home
When you are ready to buy or build your first home, you can withdraw your funds and close your account provided you meet one of the requirements. If you don't meet the four-year rule but can build or buy without the funds, you can notify your account provider within 30 days and keep the account open until you qualify, then withdraw the funds. Rules apply.
Family law obligations
If you're in a relationship that breaks down, you may have a family law obligation to divide your first home saver account with your former partner or spouse.
Changing your mind
You have a 14-day cooling-off period when you first open your account, but if you change your mind about buying a home after that, you cannot simply close your account, withdraw the money and spend it - it must be transferred into a superannuation account, unless you are aged 60 years or over.
Financial hardship
Unlike ordinary savings accounts, you can't take money out of a first home saver account whenever you want, even if you are experiencing financial hardship.
After you turn 60
If you're 60 years or over, you can access your funds or have them transferred to your superannuation account.
If the account holder dies
If you are the executor or administrator of a deceased estate you can apply to have the funds in a first home saver account transferred to the estate.
Sections within Closing your account
Last Modified: Friday, 5 October 2012