Amendments to the First Home Saver Account Act received royal assent last week and the long-awaited changes to the scheme will apply to houses purchased after May 25.First Home Saver Accounts were introduced in October 2008, as part of a package aimed at alleviating the impact of the financial crisis. First home buyers qualify for concessional tax treatment and government contributions if they contribute to their FHSA over four financial years.Accounts attract a 17 per cent government contribution on the first $5,500 deposited in any year. Withdrawals are tax free if they are used to purchase or build a first home.A drawback with the original scheme was that if an account holder bought a house before the four-year eligibility period was up, the money in the FHSA would have to go into the person's superannuation account.In last year's Budget, the Government said it would make the system more flexible, allowing money saved in an FHSA over four years to go into a mortgage if a house had been purchased prior to meeting the release condition. That change is now law -  a year after it was announced.The Government has also issued regulations updating short-form product disclosure statement rules for the product that were introduced in 2008.Corporations Amendment Regulations 2011 (No 1) make a number of changes to the content requirements of the short-form PDS. There is a transitional arrangement, giving providers three months to change their disclosure statements. In the meantime, they must put a notice of the changes on their website.According to Australian Prudential Regulation Authority data, in March this year there were 27,400 First Home Saver Accounts, with a total of $173.4 million deposited.