scrubbedexpat020

http://www.membersequitybank.com.au/...ome_saver.html these aren't the only suppliers

http://www.homesaver.treasury.gov.au...nt/default.asp

Basically, it's for first-home buyers.

You have to put money in for 4 tax years (2 years and 2 days with days being last day of first year and first day of fourth year).

If you don't take it out for a house then it has to go into super i.e. once it's in you have lost of control of it.

Ian

PS and I bet you thought I was joking!

The Bloke

I wonder how many first home buyers, or even others, would be able to allocate an extra $5000 each year (total $20 000) to put in the bank at the moment?

ABCDiamond

Not you, just the Government.......

If you pay $5,000 per year into that account, with the 6% interest + the government subsidy, you end up with $25,949 at the end of 4 years.

That is actually equal to an interest rate of 14.65%, with the bank paying 6%, and the Government effectively giving 8.65% extra.

That 6% bank rate is fixed until June 30, 2009, when it reverts to the standard variable FHSA interest rate.

Still not bad, for those saving for their first home, and not wanting to buy for at least 4 years.

jad n rich

What about the account that doubles+ your money.

If you earn under a certain amount, you put in say 1000 to super, the govvy adds another 1000 ( 1500 I think ), dont know exactly, but its for low income earners.

ABCDiamond

'Super Co-contribution'
There is a scheme for some employed people called 'Super Co-contribution' where the government pay something to top up your own personal superannuation contributions.

Conditions (2008-2009) include that your gross income must be less than $60,342 pa. and that 10% or more of your total income is from eligible employment, running a business or a combination of both.

You get the maximum benefit ($1,500 in 2008/09) if your income is under $30,342. (Indexed annually)


Therefore you pay in $1,500, the government pay $1,500, and your super fund gets $3,000 in total.