Using First Home Savers Account to Get Co-contribution

[Spanning Tree]

The Government will bring you the First Home Savers Account soon. I hear that if you put a certain amount in, the Government gives you free money. If you decide not to buy a house, you can put all the money into your super.

Suppose I never want to buy a house (see Is Living in a Van Legal?) but I want the free money from the Government. Couldn't I just start up an account simply to get the Government's money and then put all the money in this account into my super at the end?

Is this allowable?

 

[Nyden]

The Government will bring you the First Home Savers Account soon. I hear that if you put a certain amount in, the Government gives you free money. If you decide not to buy a house, you can put all the money into your super.

Suppose I never want to buy a house (see Is Living in a Van Legal?) but I want the free money from the Government. Couldn't I just start up an account simply to get the Government's money and then put all the money in this account into my super at the end?

Is this allowable?

Don't you already get co-contribution for voluntary payments into Super? I can only assume this wouldn't count as a voluntary contribution ... would probably be wiser to just put it straight into super if that is your initial intention.

I believe you can only get $800-something free per year ... not exactly a big help.

The total cap of $70,000-something also makes it not very worthwhile, as does the reduced tax rate. Let's face it, to anyone that $855 a year is a lot; they're probably already on the lowest tax rate anyway, and shouldn't even be buying a house to begin with

Lest we also not forget; this account is equivalent to a 4 year term deposit; and requires you to use the money for one purpose, and one purpose only. The freedom to do whatever I wish with my money is worth more than the trifle amount the government is co-contributing.

If they extend the account over to shares / funds (same as Super) it might just become worthwhile though.

... I guess the main purpose of this account though isn't so much as to aid people with money; but rather to force them into discipline; a huge problem amongst many of my generation