First Home Saver Logo
MenuContent

RSS News

Home

Budget changes to First Home Saver Accounts

Wednesday, 14 May 2008

The Government’s Budget announcements on 13th May include enhancements to the First Home Saver Account scheme. Now due to be launched on 1st October 2008, First Home Saver accounts are designed to help first home buyers boost their savings for a home deposit through tax concessions and Government contributions. The Budget changes to First Home Saver Account are said to be fairer and simpler, addressing feedback to the initial proposals which many argued were too complex and favoured those on higher incomes.

Read more...

Keeping the dream of home ownership alive

Thursday, 15 May 2008

ImageYoung Australians are struggling to buy their first home with affordability at all time lows. The Government’s decision to introduce First Home Saver Accounts is a great initiative to help people build a bigger deposit for their first home than traditional savings accounts.

First Home Saver Accounts will attract bonus money from the Government and benefit from low tax rates, so for example a couple each earning average incomes and putting aside 10 per cent of their money into a First Home Saver Account, could save a deposit of more than $88,500 after five years of disciplined savings. This is up to $12,600 more than they would have saved otherwise.

Read more...

How Does It Work?

Wednesday, 14 May 2008

ImageFirst Home Saver accounts are a new type of investment account designed to help Australians boost their savings for a deposit on their first home. This Government initiative will see super funds and banks being able to offer a superannuation style investment account that helps maximise savings through tax breaks and Government contributions.

First Home Saver accounts will be concessionally taxed (like for superannuation), meaning that generally much lower tax will be paid on the investment or interest earnings of First Home Saver accounts, than for regular savings accounts or managed investments.

Read more...
More...
Get the latest updates...
Subscribe to our free alert system and get the latest updates regarding the First Home Saver account scheme.




*We will not spam you or pass your email address onto any third parties.
View our privacy policy.

Polls

Do First Home Saver Accounts get your vote?