November 24, 2010 1min read
If you’re a first home buyer contemplating saving for a deposit and you’re feeling overwhelmed, make sure you check out the government First Home Saver Account and get some super savvy financial assistance.
First Home Saver Accounts offer a tax-effective way of saving for your first home through a combination of government contributions and low taxes – and if the government wants to help you out, who can say no to that!
They’re a special purpose account that is more like a term deposit than a normal, everyday account because you have to keep the money there for a minimum period of time.
Once that time has passed and you make the decision to buy or build your first home, you have to withdraw all the money at once and close the account. You need to use the money you save as a deposit or to meet other costs you incur in buying or building your first home but it is a great way to help you get into your home faster!