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Enter the property market sooner
The Daily Telegraph
recently published an article outlining how a First Home Saver Account (FHSA) - available at Teachers Mutual Bank - can help you meet your savings goals and enter the property market sooner.
They report that fewer people are opening these accounts, which offer several attractive incentives, but the account balances of those who have them are growing significantly.
Among the benefits of the First Home Saver Account
- The government provides a bonus of 17% on the amount you save, up to a cap of $5,500. For example if you save $5,500 per financial year, the government will add $935 to your account.
- The interest you receive is concessionally taxed at 15%, at source, so you don’t have to worry about including it in your tax return.
- Teachers Mutual Bank charges no account fees on First Home Saver Accounts, and offers a competitive interest rate.
Our Chief Executive Officer Steve James was interviewed for the article and told the paper that the FHSAs offer first home buyers many incentives to save for their future home, revealing what more than 1100 of our members already know - taking advantage of an FHSA account can help you reach your property goals sooner. > Read the full article to learn more about the benefits of First Home Saver Accounts