When can I set up an account?
First Home Saver accounts became available on 1 October 2008. Any savings you have in a regular savings account can be transferred into a FHSA once you open an account with a provider so you can take advantage of:

  • The 17% Government contribution for saving up to $6,000 p.a.
  • The low tax on investment earnings.

Can anyone open an account?
There are a few simple eligibility rules. To open a First Home Saver account you must:

  1. be aged 18 to 65,
  2. have not previously purchased or built a first home in Australia to live in,
  3. not currently have or have not previously had an account,
  4. provide your tax file number.

What identification is required to set up an account?
To open a First Home Saver account you will need to:

  • Provide a TFN,
  • Provide standard proof of identity,
  • Complete a declaration that you are eligible.

Where can I set up an account?
The following types of provider can offer First Home Saver accounts:

  • Banks
  • Credit unions
  • Building Societies
  • Superannuation funds
  • Life Insurance companies

Do I still get the First Home Owners Grant?
The First Home Owners Grant (FHOG) is a separate scheme to First Home Saver accounts, and will continue to be available to individuals who are eligible.

Is there a minimum amount to set up an account?
No, as a general rule you do not need to contribute any money to open an account, though certain account providers may require this.

I’ve already started saving for a home, can I open an account?
Yes you can invest your existing savings in a First Home Saver account.