First Home Saver Assistance
The Federal Government has a First Home Saver Accounts Scheme (FHSAa) available for First Home Buyers to save for their first home. The scheme is available if you are over 18 and under 65 and have not previously owned or built your first home to live in.
When a first home buyer contributes into this account the government will make additional contributions after your tax return is lodged and the relevant information about your savings has been submitted to the Australia Tax office.
On approval the government will contribute 17% on the first $5,000 (indexed) on individual deposit contributions made to your first home saver account each year. For example if you contribute $5,000 into the account the Government will contribute and additional $850.00 (Note: There is a limit to the account of $75,000)
You will be able to withdraw the account balance to help with the purchase or construction of your first home.
To find out more about the First Home Buyers Saver Account Fact Sheet click here.
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