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Home Savings Account for First Home Buyers

First Home Saver Accounts (FHSA) are a simple and tax effective way for Australians to save for their first home.  Low taxes and government contributions are two of the main features allowing account holders to save for their first home.

Saving for a deposit is one of the biggest challenges facing potential home buyers today, and these accounts are designed with this in mind.  Potential first home buyers can use the accounts to make their money go further, and save effectively, so that in time, the savings accrued can be used as a deposit, for added extras, or towards the mortgage.

How The Accounts Work
Most major banks offer the accounts which came into effect in October last year.  The Federal Government will contribute 17 cents for every dollar saved.  This means that a single first-home buyer who saves $5000 a year will be eligible to collect a maximum of $850 a year, and couples who save $10,000 a year are eligible for a $1700-a-year taxpayer top-up. 

Account holders must save a minimum of $1000 per year to be eligible for the government top up.  Savings must be made for a minimum of four years - they do not need necessarily need to be in a row (a financial year is from July 1 to June 30).

The accounts will be capped ay $75,000 and the funds must be used for purchasing a property.  In the event that the accounts holder wishes to close the account before the four year minimum period has elapsed, the funds will be directed into superannuation.

To be eligible to open an account you must be at least 18 years old and under 65, have a Tax File Number, and never have owned a home in Australia you lived in

Tax implications
A low rate of 15% is the taxation level for interest accrued in the accounts, and withdrawals will be tax free where they are used to purchase a first home to live in.


First Home Buyers
First home buyers can use the accounts as a tax effective way to save for their first home.  First-home buyers must live in the house for at least six months after claiming their money and can still claim the First Home Owners Grant (FHOG) as well.  The FHOG was increased to $14,000 and $21,000 for new homes in October 2008 and will remain at the higher level until the end of June 2009.


To find out more about the First Home Saver Accounts call and talk to a local mortgage broker about your options on .  You can also visit http://www.ato.gov.au or http://www.homesaver.treasury.gov.au.
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