First Home Saver Account

You can withdraw your investment from your first home saver account after you have selected a home or a land to purchase. All your saving must be withdrawn before the selection of the land and completion of the construction as you can not withdraw the amount after completion of the construction of the home. Your home must be located in Australia and you must stay in the home for six months after the completion of the construction of your home. You can use the money withdrawn from the first home saver account within the six months of the withdrawal. You can use the money to fulfill variety of costs such as to the pay the deposit of the home or the land on which the home is built. You can spend the money on the legal fees and stamp duty. You can pay the council fee and finance approval fee with the help of this money.

You are free to open another first home saver account if the purchase of your home falls through. You are not penalized in any case if the situation was beyond your control or the circumstances were not foreseeable.

You can change your mind within the cooling off period that is 14 days after opening the first home saver account. You can withdraw your saving with closing your account. However, after cooling off period you can withdraw your amount directly. You have to shift your amount to the super fund and it will invest in that until you retire.

If in any case you move abroad you can keep running your first home saver account however you can not receive the government contributions over your savings.