First Home Saver Accounts

[Guest Ironside]

Morning all (UK time anyway!)

 

I was reading about First Home Saver Accounts which can be opened in Oz. Essentially it seems that for every $5000 you save the Oz government will contribute 17% at the end of the financial year ($850). You also will only get taxed at 15% on this money.

 

The drawbacks are that the money cannot be withdrawn until four separate financial years but is withdrawn tax free.

 

I am not sure how great a deal this is, i guess you have to weigh it up against putting money in a high interest account and not being loked into a four year term.

 

Anyhoo thought it might be of interest for someone. You can find out more at:

 

Home Saver Accounts - Fact Sheet

 

Also, i read in the paper this morning that ANZ are predicting a further 2 more interest rate rises in August and November this year pushing borrowing rates into double figures. AArgh if this is true

 

Cheers