First Home Saver Accounts
26 Nov 12
The new First Home Saver Account (FHSA) is a special purpose savings account which has been available to eligible individuals since 1 October 2008 through certain financial institutions, such as banks, credit unions and building societies.
An FHSA provides eligible individuals with a simple and tax-effective way of saving for their first home by:
- Providing Income tax and Centrelink concessions for FHSAs and
- Having the Government match personal contributions made to the account (17% of up to $5,000 of personal contributions made to the account during the year).
To be eligible to open an FHSA, the individual must:
- Be 18 years or over and under the age of 65
- Never owned a dwelling in Australia which has been their main residence
- Not previously opened and FHSA
- Quote their TFN and meet the standard proof-of-identity requirements.
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