Oh, I was considering one too! I went to my branch today to ask about it, before going to the butcher's and then writing this story about my experience. 
My mum's doubts are whether I will be able to get my money back. How strict is the definition of a "first home" (i.e.: what can I use my money on?)
Otherwise, it's a great deal.
Yeah, that's whats putting me off. The last thing i want to do now is restrict access to my own money when I need it. I think their definition would be fairly strict. But the government's deal is pretty enticing, even if I won't be buying a house for quite a long time. If you don't ever buy a house or won't use it, you MUST put it into your super.
Apparantly:
"After you have found your home or the land you want to buy, you can apply to your financial institution to withdraw your savings from your account.
You must withdraw all your savings before settling the purchase contract or completing the construction. Amounts cannot be withdrawn for a first home you already own or after settlement of the contract or after completion of the construction. Whether you buy at an auction, a private sale or enter a contract to buy a house and land package, you must withdraw all your savings and close your account.
You can only withdraw your money to make a payment directly necessary to buy or build a first home. Your home must be located in Australia or Norfolk Island and you must live continuously in the home for 6 months starting within 12 months of settlement or when construction is completed.
You must use all the money from your account within 6 months of withdrawing it."
http://www.fido.gov.au/fido/fido.nsf/byHeadline/First%20home%20saver%20account?opendocument
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