MyState Financial - First Home Saver Account

If you’re looking to buy your first home, MyState Financial’s First Home Saver Account can help you to save for it.

As well as government co-contributions and generous tax savings, our First Home Saver Account offers a very competitive rate, no account keeping fees and the advice you need to put you in control.

Not All First Home Saver Accounts (FHSA) Are Created Equal

Although this is a Federal Government initiative, FHSA accounts offered by banks and other financial institutions will be different.

The FHSA account offered by MyState Financial has:

a very competitive interest rate of 7% p.a.,
no account keeping fees,
no transaction fees, and
interest is earned on the total balance of the account regardless of your contribution level.

To find out how much you could save, use the calculator at www.fido.gov.au/firsthomesaver

Who can open a FHSA?

You should consider opening a First Home Saver Account if you:

Have never owned a home before and only want to save towards the, purchase/building of your first home,
Are able to save at least $1000 a year ($20 a week) in 4 separate financial years,
Are between the ages of 18 and 65 – upon turning 65 you must close your FHSA,
Have a tax file number,
Have never owned a home before (although your partner can have owned a home).

Conditions of opening a FHSA

The funds from your FHSA cannot be used for anything other than the purchase of your first home. It must be a fixed address (i.e. not a caravan) that will be your main place of residence. If you choose to close your FHSA without purchasing a home, the entire balance will be automatically transferred into your superannuation, however you may withdraw the money as a lump sum if you are 60 or over.

Talk to us

At MyState Financial we have the advice you need to put you in control of the purchase of your first home. Talk to us today about whether the First Home Saver Account is right for you by visiting your nearest MyState Financial Branch or calling our Service Centre on 138 001.

More information

For more information, visit the Australian Securities and Investment Commission’s website.

The ATO also has information on the First Home Saver Account.

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Any advice on this website does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you.
MyState Financial recommends you read our Product Disclosure Documentation before acquiring the product. Loan applications are subject to MyState Financial’s normal
credit approval criteria and may also require approval of a Lenders Mortgage Insurer. Terms and conditions, fees and charges apply. Fees and charges are subject to change.