First Home Saver Account

	For many Australians, saving a deposit to buy their first home can seem like an unachievable target as the battle to save up enough money to put down a deposit becomes an uphill struggle.   To help first home buyers on to the property ladder, the Government is set to introduce a brand new savings initiative on 1 October 2008 - First Home Saver Accounts (FHSAs).
	This has been designed to further boost savings for a first home deposit through tax concessions and Government contributions, delivering higher returns versus conventional savings accounts.   If you are aged between 18 and 65, have never bought or built a first home before in Australia and have never previously opened a FHSA, you are likely to be eligible to take advantage of this investment scheme.   To understand your eligibility for this first home owner saving program, speak to us for further help and information.   Key Facts ·         No minimum deposit required to open account ·         Limit of $75,000 on overall account balance ·         Flat Government contribution of 17% paid on first $5,000 of individual contributions made each year ·         Government contributions are tax free ·         Interest earned taxed at 15% ·         Doesn’t affect eligibility for the First Home Owner’s Grant ·         Available through public-offer superannuation providers, life insurers, friendly societies, banks, building societies and credit unions   Potential Drawbacks ·         You must contribute at least $1,000 in at least four separate financial years before you can withdraw your funds ·         You must use your fund to purchase or build a new home. The only alternative is to switch the entire amount into your superannuation fund ·         You must live in the home for at least 6 months within the first 12 months of purchase or completion of construction ·         For advice on whether opening a Government first time buyer savings account is the best approach for you right now, contact your Property Finance Online Mortgage Brokerwho can talk you through all of your options. ·         To find out more about the FHSA, you can also visit the Government’s website.    Benefits of using a Property Finance Online Mortgage Broker ·         Experienced Mortgage Brokers ·         With access to a wide range of banks and lenders, we can compare literally hundreds of policies. We do the shopping around for you. ·         With you every step of the way. We help you through the entire process. ·         Contact Property Finance Online today and we’ll help you get started.   How Property Finance Online can help you   Property Finance Online offers professional services to help you find your first home loan. We offer dedicated help and information for first home buyers including information about eligibility for the Government’s First Home Saver Accounts and the First Home Owner’s Grant.   Using a Mortgage Broker takes the hassle and stress out of securing a home loan. We work with you to understand your personal circumstances and goals. Then we sort through hundreds of available home loan products from their large lender panel and find suitable options for you. Then we help you make an informed decision, and assist with the whole process from application through to settlement.   Better still, Property Finance Online does not charge you for our service. Our fees are paid by the home loan lenders. Finding a solution that meets your needs is our top priority.   To find out more information click on the links below.  Please note that these are links to government websites and will open in a new browser window.   Providers of First Home Saver Accounts   First Home Saver Fact Sheet