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First-home Buyers Savings Account

Save for your first home through a combination of Government contributions and low taxes.

The scheme is aimed at helping first home buyers get into the market.  For every dollar put in to the account, the Government will put in 17 cents - up to a maximum contribution of $850 a year - and account holders can pull out money only after four years with contributions of at least $1000 a year.  The overall account balance will be capped at $75,000 First-home Buyers Savings Account

To be eligible you must meet the criteria:
  • aged 18 or over and under 65;
  • have not previously purchased or built a first home in which to live;
  • do not have, or have not previously had, a First Home Saver Account; and
  • provide your tax file number to the provider.

Tax benefits also apply.  Investment earnings (or interest) that accrue in the accounts will be taxed at 15 per cent, and withdrawals will be tax free where they are used to purchase a first home to live in.

The funds must be used to purchase a property, and not for any use.  Should you decide not to use the savings to buy a property, the money will be transferred to your super plan.
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