The proposal would close the First Home Super Saver Scheme (the Scheme). Contributions made to superannuation on or after 1 July 2019 would not be able to be withdrawn under the Scheme.

Eligible superannuation contributions made prior to 1 July 2019 would be grandfathered, such that eligible individuals would still be able to withdraw those contributions and their associated deemed earnings to purchase a first home, subject to the tax on withdrawals that applies under the Scheme.