First Home Saver Accounts - See how they work
Thursday, 16 October 2008
First Home Saver Accounts can help you buy a home sooner, by boosting your deposit savings for a first home.
FirstHomeSaver.com.au has launched an online First Home Saver account calculator to provide an indication of the savings potential a First Home Saver account can have over regular savings accounts.
First Home Saver accounts offer incentives from the Federal Government that are designed to give Australians a helping hand in saving towards home ownership.
Savings in a First Home Saver account benefit from:
- bonus money from the Government (a co-contribution of 17% on savings up to $5,000 p.a.)
- low tax on earnings (at 15% just like superannuation)
The First Home Saver account calculator uses income level and regular savings amounts to project the end balance in a First Home Saver account after a given number of years, and then compares the outcome to a regular savings account to highlight how much extra could be accumulated.
The calculator is not modelled on any particular product offering, but is provided to simply show the relative benefits of First Home Saver accounts.
Checkout the First Home Saver account calculator.
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