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| First Home Saver Accounts 1 reply 1 voice |
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Emily Sim
on Apr 16, 2009 10:39pm
apmasphere Sydney NSW |
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Did you know that first home buyers can achieve financial assistance from the federal government to save for a deposit for their first home? Do your tenants know this?
The First Home Saver Account is a strategy created to assist first home buyers save for their first home. What’s exciting about this opportunity though is that the government will financially contribute 17% of $5,000 annually to your registered savings account and reduce the tax bill on the account to a low 15%.
Basically, if you can save $5,000 per year, the government will top it up by $850 and reduce your tax on the account. The prerequisites include:
Great message for your monthly newsletter or relationship calls to your tenants. http://www.homesaver.treasury.gov.au/content/default.asp
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Emily Sim
on May 26, 2010 11:52am
apmasphere Sydney NSW |
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Unlike the First Home Buyer Grant of 2009, the First Home Saver Account looks set to stay and even improved. As a part of the federal budget delivered by Treasurer Wayne Swan this month, the FHSA is expected, if the proposed changes are passed in parliment, to allow a ‘saver’ to withdraw their money upon purchasing a house any time within the four year period. Currently a ‘saver’ is committed to four financial year payments which at best effort would mean two and a quarter calendar years of your funds being held or worst case, the full four years depending on when you commenced your account. If you work through the numbers, there is definitely money to be made, mostly from the tax break these accounts attract.
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