First Home Saver Accounts

What is a first home saver account?
A first home saver account is a special way of saving to buy or build your first home in which your savings attract a government contribution. First home saver accounts became available from 1 October 2008.

Unlike an ordinary savings account or investment, you can only use the funds in this type of account to buy or build a home that you will live in, and only after you have saved for at least 4 financial years.

First home saver account calculator

Reference:

http://www.fido.gov.au/fido/fido.nsf/firsthomesaver

FHSA Providers:

• AMP Bank Limited - ABN 15 081 596 009


• Australia and New Zealand Banking Group Limited - ABN 11 005 357 522


• Big Sky Credit Union Ltd - ABN 51 087 651 358


• Commonwealth Bank of Australia - ABN 48 123 123 124


• Credit Union SA Ltd - ABN 36 087 651 232


• Defence Force Credit Union Limited - ABN 57 087 651 385


• Hume Building Society Ltd - ABN 85 051 868 556


• Hunter United Employees' Credit Union Limited - ABN 68 087 650 182


• IMB Ltd - ABN 92 087 651 974


• Members Equity Bank Pty Limited - ABN 56 070 887 679


• MyState Financial Limited - ABN 89 067 729 195


• Police Association Credit Co-operative Limited - ABN 33 087 651 661


• Railways Credit Union Limited - ABN 91 087 651 090


• Teachers Credit Union Limited - ABN 30 087 650 459


• The Police Department Employees' Credit Union Limited - ABN 95 087 650 799


• Victoria Teachers Credit Union Limited - ABN 44 087 651 769


• Wagga Mutual Credit Union Ltd - ABN 35 087 650 860


• Wyong Council Credit Union Ltd - ABN 29 087 650 897

Reference:

http://www.apra.gov.au/Policy/First-Home-Saver-Accounts-July-2008.cfm

Compare FHSA interest rate:

http://www.infochoice.com.au/banking/savings-account/first-home-saver-accounts/

• ME provide the best interest rate (5.50%) at the moment that provides monthly interest.