Financial institutions offering first home saver accounts will have to issue periodic statements to customers telling them how long they are required to keep making contributions in order to be eligible for payment out of the account.Treasury yesterday issued draft regulations setting out additional information that institutions must give to customers holding FHSAs.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.The accounts attract a 17 per cent government contribution on the first A$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 May, the Government passed an amendment to make the system more flexible. Money saved in an FHSA over four years can now go into a mortgage if a house has been purchased prior to meeting the release conditions.Treasury is taking submissions on the draft, with a deadline of October 4.