More good news: First Home Savers Account
If you’re a first home buyer, the First Home Owners Grant isn’t the only financial bonus you can get.
The Federal Government will also add extra dollars to your savings when you set up a first home savers account.Every year, it will contribute 17% of whatever you put in—up to $850—and give you a tax break on the interest.
We’ve created a calculator to show how you can build a healthy deposit using one of these accounts.The flip side of this is that you cannot withdraw the money for any purpose except to buy your first home. If your circumstances change and you decide not to purchase a property, you’ll need to transfer the balance into superannuation and close the account.
