Guide to first home saver accounts

If you acquire a home without using your account funds

If, while you have a first home saver account, you buy or otherwise acquire a home that becomes your main residence (for example, if you inherit or win one), you must let your provider know within 30 days.

If you have a mortgage, you may choose to have the balance of the account paid to your mortgage after a minimum qualifying period. If you do not have a mortgage, you must close your account and transfer the funds into your superannuation account.

If you are over 60 years of age the balance of your account can be paid directly to you.

First home saver account - home

Sections within Building or buying your home

• Closing your account and then building or buying
• Building or buying and closing your account later
• If your home purchase falls through
• If you acquire a home without using your account funds