First Home Saver Account
The IMB FHSA is a dedicated account to save for a first home and was part of the Federal Government First Home Saver Scheme. In the 2014-15 Budget, the Federal Government announced the following changes to abolish the first home saver accounts scheme;
- New accounts created in respect of applications made from 7.30pm, Tuesday 13 May 2014 will not be able to access any concessions or the government contribution.
- Eligibility for a government contribution will cease from 1 July 2014. Existing account holders will continue to receive the government contribution for personal contributions made during the 2013-14 income year.
- Tax and social security concessions will cease from 1 July 2015. Existing account holders will continue to receive all tax and social security concessions associated with these accounts for the 2013-14 and 2014-15 income years.
- Restrictions on withdrawals will be removed from 1 July 2015.
Once the first home saver account scheme is abolished from 1 July 2015, these accounts will be treated like any other IMB account.
The existing withdrawal rules will continue to apply until the law is changed.
With the changes outlined above IMB is currently reviewing this product and its benefits. IMB will not be offering new FHSAs while this review is completed.
For members already holding a FHSA the following IMB benefits remain in place for the time being, regardless of the First Home Saver Account Scheme changes.
- Competitive bonus rate when you make at least one deposit a month1
- No monthly account keeping fees and no day-to-day fees2
- Set up automatic deposits using IMB’s direct credit facility
For further information about changes to the First Home Saver Account Scheme please visit the ATO website.
1. If you do not make a deposit within the month, no interest will be paid for that month.
2. There are fees charged in special situations. A list of these is available here.