Withdrawals increase

Members have pulled about $470 million out of the scheme over the year to purchase a first home.

Changes introduced in April allowed members to withdraw their member tax credit too and made HomeStart grants accessible to more people.

That led to an increase in withdrawals, which continued through the year. The amount withdrawn for first homes fell to just under $30 million in January, compared to $45 million in August and November.

More than 120,000 members were on a contributions holiday in January, of whom about 90 per cent had not been contributing for 60 months.