First home saver accounts scheme

This Scheme will be abolished.  New accounts opened on or after Budget night will not be entitled to any Government co-contribution.  For existing accounts, the Government co-contributions will cease from 1 July 2014.  

Any tax and Centrelink concessions associated with new or existing accounts will cease from 1 July 2015.  Account holders will be able to access their account balance without restriction once the relevant legislation has been introduced.

SUPERCentral Comment

This Scheme was intended to improve housing affordability.  It has been a policy failure with little take up and no demonstrable effect in improving housing affordability.