When can I set up an account?
First Home Saver accounts became available on 1 October 2008. Any savings you have in a regular savings account can be transferred into a FHSA once you open an account with a provider so you can take advantage of:
- The 17% Government contribution for saving up to $6,000 p.a.
- The low tax on investment earnings.
Can anyone open an account?
There are a few simple eligibility rules. To open a First Home Saver account you must:
- be aged 18 to 65,
- have not previously purchased or built a first home in Australia to live in,
- not currently have or have not previously had an account,
- provide your tax file number.
What identification is required to set up an account?
To open a First Home Saver account you will need to:
- Provide a TFN,
- Provide standard proof of identity,
- Complete a declaration that you are eligible.
Where can I set up an account?
The following types of provider can offer First Home Saver accounts:
- Credit unions
- Building Societies
- Superannuation funds
- Life Insurance companies
Do I still get the First Home Owners Grant?
The First Home Owners Grant (FHOG) is a separate scheme to First Home Saver accounts, and will continue to be available to individuals who are eligible.
Is there a minimum amount to set up an account?
No, as a general rule you do not need to contribute any money to open an account, though certain account providers may require this.
I’ve already started saving for a home, can I open an account?
Yes you can invest your existing savings in a First Home Saver account.