Industry Super Australia has warned young Australians to steer clear of the government’s superannuation home deposit savings scheme until its supporting legislation goes through Parliament.

The first-home super-save scheme, which came into being on Saturday, the first day of the new financial year, allows first-home buyers to make up to $30,000 in voluntary super contributions over two years. The expectation is that they will be able to withdraw those savings — plus earnings made — to put towards a house deposit.

Super savers should be able to take out part of those savings from next July, but legislation will have to pass Parliament for that to happen.

Treasurer Scott Morrison has said he will introduce the legislation in the spring parliamentary session. However the government does not have the numbers to get the changes through the Senate.

So those planning to take advantage of the scheme this year cannot be certain they will be able to use their super contributions for a deposit in a year’s time.

Industry Super Australia called on the government to revise the scheme’s start date, pointing out funds were unable to provide “detailed advice” on how it would work or confidence to first-home buyers that their contributions could be withdrawn, The Australian has reported. 

“If I was in the shoes of a first-home buyer, a high degree of caution is warranted about committing significant money to this, in the absence of legislation being passed, because there’s no guarantee you’ll be able to withdraw from your super account at this point,” ISA director of public affairs Matthew Linden said.

Eva Scheerlinck, CEO of the Australian Institute of Superannuation Trustees, advised “holding off until you know exactly what the situation is and how it will affect you”.

“Currently once money is put into superannuation you are unable to get it out again without meeting certain age or hardship criteria. Members putting money into superannuation before the bill is formally passed could find themselves restrained by these conditions,” she said.

If the government does not receive the necessary support to legislate the changes, The Australian reported it can present a separate bill to the parliament that would allow those people affected to withdraw their savings, ensuring they would not be disadvantaged.

The Treasurer declared the Coalition was “on the side of first-home savers” and urged the big super funds to “stop focusing on themselves”.

“The scheme is about giving first home savers the same tax advantages as superannuation. If they weren’t taking advantage of this scheme their money would not be going into super, it would be subject to higher tax and less interest in an account somewhere else,” Mr Morrison said.

Labor opposes the measure and the Greens have expressed “strong concerns” about the policy.

One Nation leader, Pauline Hanson, said that until the issue of foreign buyers “driving up the price of housing in this country” is addressed, her party could not support the scheme.