I actually wrote this blog a while ago and since then the ANZ has ceased offering First Home Saver Accounts.You can read about it here.
I’ve set up a First Home Saver Account with the ANZ. I started by putting $30 a week into it and over the past few months I’ve increased it to $110 a week. I’m going to work toward getting my credit rating reinstated – assuming this is possible.
The First Home Saver Account is a special account that the Australian federal government initiated in 2008 to assist first home buyers to accumulate a deposit. The government contributes 17% per annum over four years if you save more than $1,000 per year. This tops out at $950 so if you can save $5,600 per year, the government will kick in a total of $3,800 over four years. At the end of four years, that would give you a deposit of $26,200 plus any interest that has accrued. That’s probably half way to a deposit on something live-able…?
Anyway, I thought if I set it up so MyBudget allocate it directly from my pay, I won’t even notice it. At the end of my seven years of bad luck, I’ll have quite a nice little pile of money for a deposit on a little cottage in the country or something. Must focus on the future and all my new financial habits, not dwell on past mistakes, right?
There’s a lot of conditions associated with this type of account, and it’s only available in Australia. You can read more about it here on the ATO website and there is also some good (but a little dated) information on savings.com.au.
Latest balance on my account: $2,745 - it's a start...
I’ve set up a First Home Saver Account with the ANZ. I started by putting $30 a week into it and over the past few months I’ve increased it to $110 a week. I’m going to work toward getting my credit rating reinstated – assuming this is possible.
The First Home Saver Account is a special account that the Australian federal government initiated in 2008 to assist first home buyers to accumulate a deposit. The government contributes 17% per annum over four years if you save more than $1,000 per year. This tops out at $950 so if you can save $5,600 per year, the government will kick in a total of $3,800 over four years. At the end of four years, that would give you a deposit of $26,200 plus any interest that has accrued. That’s probably half way to a deposit on something live-able…?
Anyway, I thought if I set it up so MyBudget allocate it directly from my pay, I won’t even notice it. At the end of my seven years of bad luck, I’ll have quite a nice little pile of money for a deposit on a little cottage in the country or something. Must focus on the future and all my new financial habits, not dwell on past mistakes, right?
There’s a lot of conditions associated with this type of account, and it’s only available in Australia. You can read more about it here on the ATO website and there is also some good (but a little dated) information on savings.com.au.
Latest balance on my account: $2,745 - it's a start...
