What is the First Home Savers Account? 

The First Home Saver Account is a government initiative designed to help first home buyers save money for a home deposit faster. More information on the First Home Saver Account can be found here. Alternatively contact your What If We Finance Broker for more information.

Major financial institutions will offer the account, and this is great news for first home buyers.

The First Home Savers Account has some simple eligibility and savings criteria and if you meet these the Government will tax your savings at a lower rate and also contribute to your savings!

Am I eligible?

You must:*

• be a first home buyer aged between 18 and 65
• open a First Home Saver Account (no minimum deposit is required)
• deposit at least $1,000 a year over four financial years

• You can save up to $75,000
• Savings will only be taxed at 15% instead of your usual marginal tax rate
• The tax will be paid by the account provider, not you.
• The Government will contribute 17% on the first $5,000 of the contributions you make each year. If you save $5,000 the Government may contribute $850.