A makeover of the First Home Super Saver Scheme, designed to make it more attractive to people saving for a mortgage deposit, was passed into law yesterday. Treasury Laws Amendment (2023 Measures No.3) Bill 2023, which was passed by the Senate, includes provisions that make the scheme more flexible. Under the FHSSS, super fund members who make voluntary contributions can apply to have up to A$15,000 of voluntary contributions from any one financial year, and associated earnings, released for the purchase of a first home. The maximum amount that can be released under the scheme is $50,000. Under the old rules, once an individual had made an application to the Australian Taxation Office for release of funds under the scheme, they were not able to amend or revoke the application. The new rule allows individuals to amend or revoke their applications. The new law also extends the time individuals have to request a release authority after entering into a contract to buy a home from 14 days to 90 days. Another provision clarifies eligibility for the scheme. One condition of eligibility previously was that the applicant had never held a relevant interest in real property or land.  The new law amends the FHSSS rules to ensure this condition refers to the point in time when an individual becomes a property owner (not when a contract has been signed).