What is the First Home Saver Account and am I eligible?

Dedicated savings account for first home buyers

Account must be opened for four financial years before you can access your savings account.

Funds must be used towards the purchase of your first home.

Tax breaks and government co-contributions-interest earned on account taxed at a low 15% rate.  Plus the government will contribute 17% of every dollar you save up to $5000 in a financial year. This means you could be earning an extra $850 each year simply from government contributon

Earn higher interest than regular savings and term deposit accounts.

The First Home Saver Account is an individual account. This means that if you are planning to buy a first home with your partner or friend and you are both first-time buyers you can then pool your savings after four years to buy a home together.

You cannot access your funds early or use them for any other purpose

New legislation has seen it possible to purchase a home within the the four year period but funds must still remain in the account until the end of the period.

First Home Saver Eligibility Checklist

Have a tax file number and provide it in your application

You must not have previously owned a property in Australia or on Norfolk Island which was your primary residence

You must not have already opened a First Home Saver Account unless you closed your previous first home Saver account within the 14 day cooling off peiod

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