First Home Saver Account - Interest Rates.

LHunter80 on 24/06/2012 - 14:10

We all have seen these big “combined” electricity offers by one big switch and wondering if they can force the power of numbers (Mind you they get commission out of it too), why can't we do that for much-hyped, less publicised and now disowned by govt. – FHSA account.

My wife and I both have FHSA with MeBank, who used to very good interns of interest rates and now are paying a measly 4.35% to a sum of money that is more or less equivalent to fixed term deposits. In comparison Police Credit Union is paying 4.75%.

The reason - coz they know they can get away with it and if you call them, they will tell you should be happy with it coz you are getting 17% from govt. and a tax rate of only 15%.

Well, I think it is similar to First home grants that eventually helps sellers in jacking up their prices. Anyways, amid all the loom and gloom, I was wondering if we all FHSA account holders can join hands and negotiate with a banking institute a better interest rate?

Unlike big electricity switch there won't be any commission payable to anyone… its us and banks on other side. I am happy to negotiate but it doesn't have to be me.. anyone who is good in negotiating can take our numbers and start negotiating.

Well, for us all prospective home buyers it is tough out here, but after 1st july switching is easier than it has ever been. Let's make us count. Let's tell everyone that we might be young but not naive. If govt. doesn't want to do anything for us… we can do it for ourselves.

Also, if anyone have any question on FHSA please post it here, I will answer to best of my knowledge, which can be better than ATO or Account Providers have at times.

Official ATO’s number for FHSA is 1300 788 069 and yes, ATO has a special number for FHSA, sort of hot line which at times can be very cold :-)

Feel free to suggest any better interest rates too.

Open to discussion…

Financial

Comments

  • leiiv on 24/06/2012 - 16:09

    What is FHSA and what is the 17% that you get from Government?

  • Hunter80 on 24/06/2012 - 16:16

    FHSA is First Home Saver account the Govt started in 2008, here is the link :

    http://www.ato.gov.au/individuals/pathway.aspx?pc=001/002/06…

    &

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

    In short:

    If you never owned a home ( Investment Property is not Home, unless you have lived it in yourself), You can open a FHSA account it is Govt initiative to help first home buyers…

    You pay at least $1000 for four years… Govt. pays 17% of up to your first $5500 contribution. There are caps and contribution caps here :

    http://www.ato.gov.au/individuals/content.aspx?doc=/content/…

    have a bit of read…

    Let me know if you have any specific questions…

    AJ

  • mrhorseham on 24/06/2012 - 16:28

    The best IR on a FHSA is 5.3% from railways credit union. The highest non-restricted access is the bank you are with, ME bank, I am actually looking at opening one of these accounts and depositing money this financial year.

    The interest rates on offer by most banks, especially the big 4 is only around 4% (not including intro rates) so i'm not sure how well negotiating would do, but obviously if i'm going to open one of these accounts i would be interested in a better rate.

  • Hunter80 on 24/06/2012 - 16:39

    Thanks for reply, I am looking at Railways now.

    In the mean time, yeah look at opening for sure.. We had it open since 2007-08 FY, so we already have our 4 years min. term done… But not in a position to buy yet.. so will be another 4 or 5 years before we can afford in Sydney.

    For everyone interested… to get contribution for 2011-12 FY, make sure you open and your money is in the account before 30 June.. Be careful money should be in FHSA account before 30 jun otherwise contribution will be counted in 2012-13 FY and you will miss out about $935, if you can deposit $5500..

    • coolsteps on 01/12/2012 - 02:59
      +1

      i think you made a mistake for ME bank its by june 30th not before isn't?

      • Hunter80 on 01/12/2012 - 07:39

        True that, if you want govt CO contribution.. Money in account by or before 30 jun.. Just to make sure if you transfer online that its done before 30th though…

  • uder on 24/06/2012 - 19:08

    I know it was being discussed before, but did they end up amending this so that if you purchase a house before the 4 years, you can transfer the balance into a mortgage (after the 4 years)?

    • mrhorseham on 24/06/2012 - 21:49
      +1

      You can use the funds to buy or build your first home, or pay off the mortgage, but you have to deposit at least $1000 in 4 financial years.

    • oztonyau on 01/07/2012 - 19:14

      Yes, they did. See this link http://www.firsthomesaver.com.au/general/first-home-saver-ac…

      • mero mero on 04/07/2012 - 10:01

        The rule change was rather confusing and annoying … as just a week ago I called up ATO and asked the same question, and it took them an hour to answer my question. In the process they transfered me to 3 different people and they keep putting me on hold to discuss this with their department/colleague…..

  • porkupine888 on 24/06/2012 - 21:07

    A question i had was with regards to how this would work was using the example / scenario below

    a) put in money before 30th june 2012. - get 935 for 5500 in
    b) not able to afford putting anything in during 2012-2013 financial year
    c) put in something say $1000 in 2014 financial year

    what then would / should the fhsa look like in terms of total / balance then come end of 2014 financial year?

    • Hunter80 on 24/06/2012 - 22:51

      Good Question, Here is answer..

      a. You deposit $5500 before 30 jun 12 and get $935 from govt contribution.

      b. You earn your normal interest from your account provider (Bank or Credit Union etc.) throughout.

      c. You don't make any contribution for 2013-14.. You will not get any govt contribution for 2013-14.. but you get your normal interest payment from your service provider.

      d. You make a min of $1000 contribution in at least four years, don't have to be consecutive and you are eligible to withdraw the money for your first home, either as deposit or to pay off your mortgage.

      e. From last year, you can actually but your first home before you satisfy the min. 4 year $1000 contribution condition, but you can only withdraw the amount to your mortgage, in this case after you have satisfied 4 years, $1000 in each condition.

      If you think a bit into it, it is a very good account.

      Fire any other question that any one else have.. I will try best to answer.. and of course, officially advice is available from ATO website and that phone no. 1300 788 069.

      Peace.

    • grasstown on 24/06/2012 - 22:51

      I would put 4.5k before June 30 and 1k after july 1 rather than 5.5k this year and none next year. That way you count your deposit as two of the required four years rather than 1. Just means you access your money a year earlier.

      Using your example
      5.5k at July 1, $935 kicks in either oct or march depending when u lodge your return. The 5.5k at 4.35% / year for however long that money is in. the 935at 4.35% / year for however long that money is in. Then the other 1k you put in at at 4.35% / year for however long that money is in.and the $170 (17% of 1k)at 4.35% / year for however long that money is in.

      Just remember you need to lodge 1k minimum in 4 separate financial years to put the money towards your deposit or your mortgage .

      • Hunter80 on 24/06/2012 - 23:04

        Good Job, thats another thing that can be done.. Depends if you think you can or can't make a min. of $1000 contributions next year.. The best case scenario is depositing the max. contribution threshold every year. But then be careful of the $1000 condition in four different FYs as well.

    • mrhorseham on 25/06/2012 - 01:13

      Edit: deleted

  • grasstown on 24/06/2012 - 22:57

    I didn't realize ME had lowered it that much :(

    • Hunter80 on 24/06/2012 - 23:01

      Yeah Mate, they all lure everyone in and then they start playing their normal game..

  • Hunter80 on 24/06/2012 - 23:08

    Also forgot to mention that I received a letter from ME Bank couple of weeks back, The overall cap on the FHSA for FY 2013-14 has been indexed up to $90,000. and the contribution threshold for FY 2013-14 is $6000.

    So next year if you deposit $6000, govt contribution is $1020.

    Funny though ATO don't have any information update on their website and don't have any info on that "hot" help line number either for 2013-14.

    What a joke!!! A bank knows more than ATO, who are responsible to set all the threshold and caps..

  • mrhorseham on 25/06/2012 - 01:44

    Regarding the 15% tax on interest, I'm a student and fall within the tax free threshold, so I can claim the tax back?

  • SaberX on 25/06/2012 - 10:48

    No. The 15% tax is taken out by the bank similar to a bank fee. It.is automatically taken out everytime the interest is paid / accrued to the bank.

    Legislation has changed so you can now buy your house before the account is used. But you must still meet the four financial year deposits of 1k for release.

    For whoever asked. If you deposit 1k now in fy2012 and then none in fy 2013 and another 1k in fy 2014 you only meet the criteria for two years out of the 4.

    Historically speaking. I've gotten the govt contribution Oct- Dec. So don't expect that in July your going to getthe co contribution. Abit of a con.

    Yeah ME was great. I switched from anz one yr plus ago. It's nowhere as competitive now. Might change. Never heard of rail tho ? Reliable ?

    • Geewhizz on 10/07/2012 - 06:41

      Legislation has changed so you can now buy your house before the account is used. But you must still meet the four financial year deposits of 1k for release.

      When I was looking (just after this thread started) once you have purchased a property, you can no longer make contributions, although the four year rule still applied, so basically your money is in limbo until the end of that four years if you buy beforehand.

  • Hunter80 on 25/06/2012 - 11:05

    Yeah checked the railways credit union, like all other deposit taking institute it is covered with govt guarantee so no issue.

    But access is restricted, you can only be a member if u or family ever worked in Queensland railway before.

    I have emailed them yesterday with few questions lets see what they come back with.. Will keep ya all posted.

    • nickj on 25/06/2012 - 12:02

      I tried to join the railways credit union for their online savings account (not FHSA), and they rejected me because I hadn't worked for the railways or had any family who had. So for most people, it's just not an option. ME bank seems to the best that's generally available, although the rate is rather ordinary.

  • Almazz on 25/06/2012 - 15:49

    What is the maximum amout of $$ I can put into one of these accounts & what is the max contribution the government will make to me if it is deposited before 30 June 2012?

    • nickj on 25/06/2012 - 15:56

      The ATO website is your friend :-) Handy table here answers both questions:
      http://www.ato.gov.au/individuals/content.aspx?doc=/content/…
      i.e. put in $5,500, and get $935 from the govt when your tax return is finalised. Max balance is $85,000 currently.

      • Almazz on 25/06/2012 - 16:08

        Thank you nickj - I’m seriously hopeless with this kinda stuff :)

  • finance on 25/06/2012 - 16:54

    Hi, I've got a couple of questions.

    If i open the account and put in say $5500 before 30th june and after i get the $935 from the government and then buy a house, say Jan next year.
    Can i use the money I just put in or does it have to be in there for 4 years with the additional $1000 before I can use it?

    i was thinking of getting a place soon. Hence wondering if i can put in $5500 this finanical year and then about the same after the 30th and buy a place next year. therefore getting about 17% from the government for my current savings towards a place.

    I'm in the 35% tax bracket for my salary so does that mean the money in saving will only be taxed at 15% instead of the usual 35% if kept in a normal savings account, therefore saving me a bit in tax also?

    • Hunter80 on 25/06/2012 - 18:39

      You have to wait for 4 contributions of $1000 at least in different Financial Years. So you can't use them straightway.

      Yes, your savings will be charged only at 15% doesn't matter what tax bracket you are on.

      • leiiv on 25/06/2012 - 23:29

        If I put some money in my first (or second, or third) financial years that exceeds the balance cap, can I use the money straight away to buy a house or do I need to wait until 4 years?

        I found this from the me bank form:
        You can only withdraw your savings to buy or build your first home after you have put at least $1,000 a year into your account in 4 separate financial years (they do not need to be in a row) or have exceeded the $85,000 balance cap on the account and have held the account in at least 4 financial years.

        • Hunter80 on 25/06/2012 - 23:48

          Once you reach the current cap for FHSA you won't be allowed to make any personal contribution but you will still earn interest.. Still can't withdraw from FHSA before 4 years limit…

  • Hunter80 on 25/06/2012 - 23:44

    Yeah as described by bank, you still need to leave the account for 4 years.. thats my understanding..
    Call FHSA hotline from ATO at 1300 788 069…

  • leiiv on 26/06/2012 - 16:58

    I just applied for an FHSA account today with MeBank. It's a long shot but I hope I could make it before the end of 30 June to the the 17% grant. Thanks a lot to AJ80 for starting this thread, otherwise I would not even know about the existance of FHSA! I am curious though, why did you say that the FHSA account is now disowned by the Government? And also I found that CBA and ANZ have stopped offering the account, ie you cannot open a new account with them. What was happened here?

    • mrhorseham on 26/06/2012 - 17:09

      I believe CBA and ANZ was closed due to lack of interest. I also applied for an account with ME yesterday, and today it was opened. Just hopefully the initial deposit goes through before friday.

  • Hunter80 on 26/06/2012 - 17:26

    Good On You guys! I want you to save enough and own your first home..

    Going by the thread no wonder that CBA, ANZ etc. have closed offering the accounts..

    @Leliv, I mentioned that it has been disowned coz as with heaps of other govt initiatives FHSA started with quite a noise but even though it has lot of benefits, Govt has failed to advertise and failed to live up to expectations and make some changes to suit account holders, the 4 years rule, Min $1000 rule is just too confusing and off-putting to lots of perspective home owners..

    Well, Come o.. If I can figure out all that by just running this thread then I am sure some one in Canberra on $100K+ should be able to do something about it. Why not make it easy for the people, the Tax Payers…

  • Hunter80 on 26/06/2012 - 17:26
  • leiiv on 26/06/2012 - 21:11

    I have some other questions that are a bit hard to figure it out. Lets assume that I opened the account on 29 June 2012 (financial year #1) and had $5500 deposited by that date.
    1. If I buy a house two years later (in financial year #3), I cannot contribute any further money to the account from the date that I bought it. Does it mean that I will not receive the 17% gov contribution in financial year #4?
    2. If I always contribute to the threshold every year for the four years, what is the earliest date I can close the account and get the money to buy a house? Will it be the 1 July 2015? or 29 June 2016 (= 29 June 2012 + 4 years)?
    3. If in financial year #4 I put some money in, and then close the account later on and buy a house, will I still get the 17% contribution for that financial year? How are they going to give me the money since the account had been closed?
    4. Can I use the money to buy a piece land? Let say that I plan to live in a house that will be build on that land, but of course the land must be bought first.
    5. If my spouse buy a house later on (using just her name), will the ATO considers that house as my home, that is, I am not eligible for the FHSA anymore?

    • grasstown on 26/06/2012 - 21:37
      1. Yes if you don't make a contribution you won't get. Also, not sure if you're confused, you only get any cocontribution each time you put money in, not for each year the money is in there.
      2. 1 July 2015. So 2 years and a few days.
      3. I have no idea. I would guess that the government would give a cheque.
      4. You can buy vacant land on which a house will be built.
      5. No
  • zxcv on 27/06/2012 - 22:41

    any banks you can walk into and open/deposit straight away? Thinking of opening one but won't make the cut off otherwise.

  • uder on 28/06/2012 - 14:34

    If the account is opened today you should be able to transfer before COB today and get the money in by tomorrow?

    • leiiv on 28/06/2012 - 17:31

      I opt for direct debit. When I called them this morning, they said my application has not been processed because they are getting thousands of applications (is it believable?). They also said I do not need to worry because I submit the forms through a branch office and they would be able to backdate the deposit. Does that make sense at all???

      • Hunter80 on 28/06/2012 - 17:36

        No that doesn't make sense to me, Cant believe they told ya that.. But I may be wrong. Call them tomorrow, get your BSB and account number, drop into a branch and personally make a deposit.

  • Magnate on 29/06/2012 - 14:05

    Agree with you mate, I've been pretty disappointed that ME Bank dropped their interest rates on the FHSA to lower than their high interest account. There isn't any justification for this.
    I've actually emailed Ubank in the past asking them to set up a FHSA acct. Hopefully someone will take the lead here.
    I'm very happy to be involved in a 'group negotiation' on this.

    • Magnate on 03/07/2012 - 15:58

      I didn't quite specify above. My wife and I both have a FHSA and both contribute the maximum every year. Happy to 'join the migration' for a better offer.

  • stuartfaz on 29/06/2012 - 14:32

    Been with MEBank for about 2 years now with a FHSA. Happy with it, but agree that they can gouge rates a bit given the Government's contribution.

  • Gomo on 29/06/2012 - 14:40

    Been with MEBank for over 3 years now along with the FHSA, Almost hit over 11k now in that time, I think it's a great idea!

  • VehemenceThePhoenix on 29/06/2012 - 14:57

    Thanks for this useful thread. I had not even heard about this type of account before, but definitely plan on making the most of it. I will look into this soon, though it seems I may be too late for this FY…

  • Hunter80 on 30/06/2012 - 22:43

    Great, So we have got at least couple from here, I have got 5 of my mates/relatives who have FHSA and happy to jump onboard with negotiations.

    I am just gonna try it, will ring out and will say we have 10 members to start with if we can get better rates.. not sure I can go long way with it but Hey, I have given it a go.. rather than just whine that banks are gouging on rate.. I did something..

    Happy for all guys who got something out of this thread..

    Post on the thread if you will jump ship for a better rate…

    • leiiv on 01/07/2012 - 00:09

      I definitely want a better rate. Which banks do you have in mind to negotiate with?

  • Hunter80 on 01/07/2012 - 09:51

    I have spoken to UBank before but didn't get any positive reply but that was just for myself. If we have some numbers on our side maybe they will be more enthusiastic. Let's see.
    If anyone else knows how to approach banks, I have got at least 10 of my mates plus OzBargainers. So feel free to have a chat with UBank if they can offer FHSA.
    Let me know if anyone interested in taking a lead…

  • SaberX on 01/07/2012 - 18:54

    I'd join in for a group shift rate %. we'd also need guarantees on say a minimum % they'd beat other competitors otherwise it's no point if the next rate drop they just drop below somewhere else anyway (thenw e'd have to group organise another shift).

    I'm with member's equity atm, how about the rest of you?

    I have ubank too (online savings accounts), would be a good initiative to get them to start a FHSA given the ubank has alot of promoting to 'young' ones in terms of savings goals.. be perfect tie in.

    On another random note - this 2012 FY just passed was my fourth financial year passed, I'm free!! Although IM hoping to stall to 1 july 2013 (so that i get both the $6000 contribution for FY 2013 and FY 2014 technically and therefore at least another $2k in moolah from the govt!) :D

  • Hunter80 on 01/07/2012 - 21:17

    Yeah Agree with that SaberX, But I am not sure how successful we might be though.. Its all about numbers and we are barely close to about 20, if that.. But lets see how we go.. got few ways from here, first to approach some provider and otherwise "choice group" is always there.

    • SaberX on 02/07/2012 - 02:19

      did you try whirlpool forums? theres a dedicated thread there. post there or even a new thread to gain interest. even if you can get 50 i would still think that's a decent savings base that'd migrate to them?

  • jet01 on 03/07/2012 - 14:04

    I was lured by ME banks 5% when i joined in may this year and its already 4.35%. I really don't like the fact that i have no foot hold or say in the matter and they can basically make it whatever and I'd have to live with it. So count me in to any kind of group we can form to get a say.

  • jennkei on 03/07/2012 - 14:29

    I didn't know about this, but would be interested too! +1

  • Hunter80 on 03/07/2012 - 17:28
    +1

    All right guys, I have tried ubank yesterday. Still waiting for a call. Will keep you posted.

  • VeganJerky on 04/07/2012 - 13:24

    To everyone trying to get a better rate elsewhere, good luck closing your existing account.

    There are so many rules and regulations on the account (government rules, not the banks) that I think you'll have trouble doing it.

    • Hunter80 on 04/07/2012 - 14:33
      +1

      Well, You don't have to close anything.. It is easy as giving the authorisation to your new institute and they do everything. I have done it in once 2009. FHSA is the easiest to swap 'coz it doesn't have any regular direct debit payment going out.

    • mrhorseham on 04/07/2012 - 17:37

      FHSA are easy to swap, just apply with another bank and the funds are transferred.

  • danyool on 05/07/2012 - 15:22

    I'd be interested. I'm currently with CBA as it was easiest to set up last minute before 30 June 2010… and still havent gotten around to changing. Interest rate is currently only 4%, and with balance starting to build it could well be time for a switch. We should ask Richard for a better deal! (ie, Richard Branson/Virgin)

  • Hunter80 on 09/07/2012 - 22:03

    I have tried with UBANK but haven't achieved much other than a promise to look further into possibilities..
    I have just started a new job and will see how much time do I get with this.
    Anyone willing to do a bit of leg work please feel free.

    Regards,

    AJ

    • ozshaz on 10/10/2012 - 21:01

      Hey AJ80 just a quick one for you..do we get any type of tax benefit on the deposit we make into the account? For example if I am in the highest tax bracket and then contribute $5500 after tax into this account then will I get any Tax benefit? My understanding is that the interest earned or the withdrawl is taxed 15% only but was not sure if our initial investment also has some tax benefits or not…any idea?

      • Geewhizz on 11/10/2012 - 06:47

        It's unlikely - the Govt is giving you money for nothing already.

      • Hunter80 on 11/10/2012 - 20:36
        +1

        Interest earned taxed at 15% and withdrawals to buy your first home are tax free.

  • Bargains4All on 12/10/2012 - 15:46

    Hey AJ80, you have a FHSA with ME right? I've got one as well. Have you received your government contribution?

    • grasstown on 13/10/2012 - 08:45
      +1

      I'm with me. Last year my govt contribution was made 22 October. If you've lodged your tax return, id expect it in a week or two

      • Bargains4All on 13/10/2012 - 11:04

        Oh I see, well I lodged my tax return a couple of months ago and still haven't received my contribution so perhaps I need to give ME a call…

  • grasstown on 13/10/2012 - 11:25
    +1

    No they only pay it in oct ands march. I meant expect it by end of october

    • Bargains4All on 13/10/2012 - 12:54

      Oh right, thanks for clearing that up.

  • ozshaz on 18/10/2012 - 18:51

    Got my govt contribution today..

  • [Deactivated] on 07/11/2012 - 23:21

    What's the easiest bank with a reasonable rate to do it with? I read earlier in the thread that CBA wasn't offering this? Is it true? I live in Inner Sydney.

  • Bargains4All on 07/11/2012 - 23:45

    Yeah, most banks have stopped offering it because apparently it wasn't profitable enough for them (wasn't a popular product). I know Member's Equity (i'm with them) and Railway Union? (can't remember their name but there are requirements to joining them i.e. need to be a member) still offer the account.

  • SaberX on 08/11/2012 - 13:07

    have member's equity account holders received their contribution yet? Lodged my tax return a few days before the closing date, just wondering if everyone was paid out earlier on if they do regular re-checks to pay out the contribution to later lodgers? Would suck if they next review who to pay out in dec as obviously missing out on interest by then.

    Also.. member's equity seems to no longer be the highest % rate, previously moved from ANZ becuase ME kept having the highest competitive rate, looks like that no longer holds true, although given how low rates are now I don't think it'll be worth the time to make the switch anyway…

    • ozshaz on 10/11/2012 - 08:44

      I am with ME and have received my Govt Contribution around 18th oct..i had submitted my returns closer to Sept End..

  • Chunto612 on 27/11/2012 - 12:56

    I have a couple questions hope someone can help.

    1)What does the non-restricted access account means?

    2)If I open an FHSA account this year and make required contribution, and then bought a property next year. Am I able to pay off my mortgage right away with FHSA? Or I had to keep making contribution for another 3 years before I can use them to payoff my mortgage?

    3)My fiance had bought the first property already. I am planning to buy a property under my name next year in order to utilize the first home grant and stamp duty exemption. Would it be feasible to add her name after the grant had been utilized?

    Thanks!

    • SaberX on 28/11/2012 - 17:08

      1) In what context/where are you drawing this from?

      2) no - now the rules are changed, you can buy a house whilst your 4 years hasn't completed, but only after you complete those 4 FY contributions will you be able to pay it off into your mortgage. Which is alot better than it's predecessor where the money was forfeited to superannuation.

      3) No. I may be wrong on a technical basis but there are rules which are available on the official websites stating the rules when a spouse has already owned their own home etc. While I think you'd be fine if your not defacto/livign together, you'll be skirting some fine lines if you've been living with her for well over a year, and she owns the property and you try to use the FHSA. By then trying to add her name after the grant would just be asking for trouble - I'd avoid this.

      Adding her name to the property title will result in CGT tax payable if applicable - seek independent financial advice.

      • Chunto612 on 28/11/2012 - 17:25

        Thank you SaberX.

        I am clear with 2) and 3). For 1) I saw the non-restricted access account from an earlier post in this thread by mrhorseham. See below:

        mrhorseham on 24/06/2012 - 16:28
        The best IR on a FHSA is 5.3% from railways credit union. The highest non-restricted access is the bank you are with, ME bank,

        • mick01 on 28/11/2012 - 18:40

          The Railways credit union account is restricted to employees of the railway and their families only. Whereas the ME account is available to anyone. I believe that is what mrhorseham was getting at. Sadly, there doesn't appear to be any loophole to get around that.

        • Chunto612 on 28/11/2012 - 23:22

          Now I get it. Many Thanks!

        • SaberX on 30/11/2012 - 12:20

          yeap agreed with the above regarding the restricted access. now that you posted that it makes alot more sense what you meant.

  • swong on 28/11/2012 - 19:40

    Has anybody who has their FHSA with CBA received the govt cont this year yet?

    I haven't got mine yet - my tax return was lodged in the first week of July, and in previous years it was always paid on early Nov.

    • mick01 on 29/11/2012 - 10:40

      I'm with CBA and haven't received mine either. It came in on 15/11 last year. I checked with the ATO and they say they processed my government contribution on 2/11. Probably CBA is sitting on our funds, earning interest from them!

    • Tink on 30/11/2012 - 15:41

      Same here, CBA and also got my govt contribution around mid Nov last year. Nothing received yet this year.

  • coolsteps on 01/12/2012 - 03:24

    what about me bank has anyone got theres?

    i think your spouse or partner can open up one of these first home saver accounts as long as they have never owned a house in their own name in australia. so it doesnt matter if the other partner has owned a home or is living in home together but the title deed is only in ones name, correct me if im wrong unless the rules have changed since this program first started?

    also when the 4 year rule is meet can the funds be used to buy a home in joint names if one of the partners has already owned a home in oz?

    • Hunter80 on 01/12/2012 - 07:33

      @coolsteps, I don't think that's true, if one partner has owned a home the other cant open up this account. If anyone interested just double check.

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