First Home Saver Account
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The First Home Saver Account has been developed by the Government to make it easier to save for your first home.
This Account receives Government contributions and earns interest which is taxed at a low rate.
This account restricts when you can take your money out and for what purpose.
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1. Who can have a First Home Saver Account
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You should consider opening a First Home Saver Account if you
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• only want to use your savings to buy or build your first home in Australia to live in (‘buy your first home’), and
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• are able to save at least $1,000 a year ($20 a week) in 4 separate financial years – they do not need to be in a row.
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A financial year is from July 1 to June 30.
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To open an account, you must
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• be aged 18 or over and under 65
• have a tax file number
• have never owned a home in Australia that you have lived in, and
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• have never opened a First Home Saver Account before.
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You can open another First Home Saver Account if you are transferring your savings from one First Home Saver Account to another – see section 8.
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If you are saving with others
• each person must open their own individual First Home Saver Accounts – each of you can then receive the benefits of having a First Home Saver Account.
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You cannot open a joint account with someone else. If you are unsure about your eligibility go to www.ato.gov.au
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