First Home Saver Account

Saving a deposit for your first home is no simple thing. But it can be easier with IMB’s First Home Saver Account (FHSA). The IMB FHSA is specially designed for future first home buyers who can save for four financial years before withdrawing their savings to pay towards purchasing their first home. The IMB FHSA is free from account keeping and transaction fees and offers a great bonus interest rate for regular savings. It also helps first home buyers tap into available government benefits.

• Set up automatic deposits using IMB’s direct credit facility
• Competitive bonus interest rate when you make at least one deposit a month;
• Government contribution of 17% each financial year on the first $5,500 in savings. (Maximum Government contribution is $935 each financial year)
• Low tax rate of 15% on the interest earned, which will be paid directly to the Australian Tax Office by IMB.
• No monthly account keeping fees and no transaction fees

Certain criteria apply to how you can withdraw the money you have saved in your FHSA. To use your savings straight away, you must meet one or more of the following criteria: 

• You can withdraw your savings to buy your first home after you’ve put at least $1,000 into your FHSA in four separate financial years (they don’t need to be in a row) up to a limit of $80,000; 
• You can withdraw your savings if you’re buying your first home with someone else who has an FHSA and has met the criteria above;
• You can choose to transfer your savings to super at any time or withdraw them as a lump sum if you’re 60 years or over 

If you buy your first home before you have met one of the qualifying criteria for withdrawing your savings, you can still choose to keep your IMB FHSA open but inactive until you’re eligible to pay your savings into a genuine mortgage. Different criteria apply to withdrawing your savings from an inactive account to pay into a genuine mortgage (refer to the PDS for more information). It’s important to remember that you can’t make any more deposits into an inactive account which means that you won’t receive further Government contributions or interest from IMB.    

IMB First Home Saver Account Product Disclosure Statement

For more information on the Governments First Home Saver scheme

How to access your money

• Internet Banking
• Phone Banking
• Branch
• Mobile Banking

^{Important: You should only consider opening an IMB First Home Saver Account (FHSA) if you are going to use the savings in your account to purchase or build your first home to live in. Important conditions apply to how and when funds in an FHSA can be withdrawn. Please consider the Product Disclosure Statement before making a decision about this product. IMB also suggests that you seek independent financial advice before making a decision about this product. If you change your mind about opening an IMB FHSA you are entitled to close your account and have the balance returned to you within a 14 day cooling off period. This advice is general advice only and does not take into account your objectives, financial situation or needs. You should consider the Product Disclosure Statement available from IMB before making a decision about this product}