www.australia.gov.au/firsthomesaver
Before you can withdraw the funds from the account, you must have made a minimum contribution of $1,000 for four financial years. It doesn;t have to be four consecutive years, just four years throughout the life of the account. You can only withdraw the funds to buy or build your first home, and that home must be your main residence for at lease six months. You cannot just withdraw some of the money, but must withdraw all of it and close your account.
If you decidee not to buy a first home you need to transfer the full balance to your superanniuation account which you can access when you retire. If you are over 60, you can close the account and have the money paid to you.
When you reach the age of 65, the financial institution must close your account. The funds can be paid to you or, if you do not advise the financial institution before your birthday that you want this, they will transfer the funds into your superannuation.
