First Home Saver Accounts - Who are the winners?

It seems that the banks will be the winners: they have the existing products and will not have to invent a new structure to house these products, and they are also the lenders.

Industry funds may also be winners – silver placing – they have a connection with their own Bank – Member’s Equity.

Life companies – unlikely to be winners – conceded bronze placing – will not be able to offer the carrot at the end (the home loan) but will have more significant product development costs than banks.

APRA licensed trustees which are not associated with a bank – they will have significant hurdles to offer the product – no placing for them.

SMSFs – they cannot offer the product – however, the account balance could be transferred to an SMSF at anytime after the account holder reaches age 60. Also, there will be mandatory transfers to super funds on the account holder reaching age 65 or on death.