First Home Saver Account
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2. How the First Home Saver Account works
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How you can use the savings in a First Home Saver Account
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You can only withdraw your savings for three purposes:
1. to buy your first home
2. as money you can add into super
3. as money you can withdraw as a lump sum if you are aged 60 or over.
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How to save with a First Home Saver Account
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• You put money into your account the same way as you would make deposits into a normal account.
• You can do this at any time, and for as long as you need to save
• You cannot salary sacrifice into your account
• You do not need to put money in every year – but your account will only get Government contributions when you do
• Once the total amount in your account reaches $75,000 – including Government contributions and income from investment earnings – you cannot put any more money into your account
• You can keep your account open until you buy your first home, or turn 65. When you turn 65 you must close your account and withdraw all of your savings, or move it into super.
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