First Home Saver Account Cap
The account balance cap on first home saver accounts is indexed periodically in $5,000 increments.
Income year | Account balance cap |
2013-14 | $90,000 |
2012-13 | $90,000 |
2011-12 | $85,000 |
2010-11 | $80,000 |
2009-10 | $75,000 |
2008-09 | $75,000 |
Features of first home saver accounts
The main features of first home saver accounts were:
- The government made a 17% contribution on the first $6,000 you deposited each financial year.
- The interest you earnt on your account was only taxed at a rate of 15%.
- You had to save at least $1,000 each year over at least 4 financial years before you could withdraw the money. The 4 years did not have to be consecutive.
- The maximum account balance was capped at $90,000. After your savings reached this level, only interest and earnings could be added to the balance.
First home saver accounts are no longer available and existing account holders now have unrestricted access to their money.
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