+1 to Muppity. DH and I have a FHSA each. Convenient for us, as contract-wise, we don't want to buy for three years anyway, so if Kevvy Rudd wants to pay us 17% not to do so, we can't say no! There's a few conditions, but it's actually less restrictive than many people think.

You're not locked in for 4 years - you have to contribute in 4 separate financial years, but can mean say 30 June 2009-1 July 2012.
Our bank pays their highest interest rate for an online saver, as well as the govt contribution.
If you decide down the track that you're not going to buy, the money gets rolled into your super, which is where it should be going, if you're not buying
You really really can't touch it. It's not like the online save where "you can't touch it" (but all you need is net access, and you can. You really can't get at this one.