First Home Saver Accounts (FHSA)
Currently, an FHSA holder is required to keep their savings in an FHSA for four financial years before they are able to use those savings to buy a home. Then, if the account holder buys a home prior to the end of that minimum four year period, the balance of their FHSA must be transferred to their superannuation so that it remains in a concessionally taxed environment.
In order to increase the flexibility of FHSAs, and where you have bought a home before the end of the four year period, the Government will allow savings in an FHSA to be paid into an approved mortgage after the end of a minimum qualifying period, rather than requiring it to be paid to a superannuation account.
