First Home Saver Account rule changes are now active, allowing early purchasers to use the savings in their account towards their mortgage (after meeting the 4 years) rather than losing their first home savings to super.

This effectively means a FHSA holder can pay a deposit on their first home before meeting the four year rule, and have until settlement date to make further account contributions to maximise their account benefits. Once settlement takes place, no further contributions can be made but the four year rule must be met before their savings can be released and go towards their mortgage.