First Home Saver Account
The IMB FHSA was a dedicated account to save for a first home and was part of the Federal Government First Home Saver Scheme. As announced in the federal government budget 2014-15, the first home saver account scheme has now been abolished.
- New accounts created in respect of applications made from 7.30pm, Tuesday 13 May 2014 were not able to access any concessions or the government contribution.
- Eligibility for government contributions ceased from 1 July 2014. Existing account holders continued to receive the government contribution for personal contributions made during the 2013-14 income year.
- Tax and social security concessions ceased from 1 July 2015. Existing account holders continued to receive all tax and social security concessions associated with these accounts for the 2013-14 and 2014-15 income years.
- Restrictions on withdrawals were removed from 1 July 2015.
For members already holding a FHSA the following IMB benefits remain in place.
- Continue to save for your first home with an IMB Home Saver Account1
- A competitive bonus rate when you make at least one deposit a month2
- No monthly account keeping fees3
- Set up automatic deposits using IMB’s direct credit facility
1. IMB First Home Saver Accounts existing as at 30 June 2015 will be automatically converted into an IMB Home Saver Account. These existing account holders will retain their account number, with any pre-existing direct credits remaining effective and in place.
2. To earn Standard Variable Bonus interest the account holder must make a deposit into the account per month. If bonus interest criteria are not met for the calendar month, the Standard Variable Bonus Interest is forfeited.
3. Please refer to the Product Disclosure Statement (PDS) and Supplementary PDS documents for full details of the terms and conditions, including interest rates and fees applicable to IMB’s Home Saver Account.