What is a FHSA account in Australia?
A First Home Buyer Saver Account (FHSA) is a type of savings account developed to help people save money for their first home. The accounts were introduced by the Australian gov as a way to encourage saving for home ownership, particularly among first-time buyers.
However, Australian banks also offer different savings accounts for saving money to buy property.
What are the features of first-home savings accounts?
The peculiarities of first-home savings accounts are:
- no fees for maintenance and basic operations
- no restrictions on the minimum deposit amount
- The interest rate can consist of a base and bonus rate
- The size of the bonus bet may depend on the amount of account balance, the presence of regular deposits or the absence of withdrawals from the account
- banks often pay cashback when opening an account
Calculate income on a savings account for 1 year (example):
| Amount, $ | Rate, % | % income |
| 11 000 | 0,10% | 11,00 |
| 11 000 | 0,10% | 11,00 |
| 11 000 | 0,10% | 11,00 |
| 19 000 | 3,15% | 598,50 |
| 19 000 | 3,15% | 598,50 |
| 19 000 | 3,15% | 598,50 |
| 49 000 | 3,85% | 1 886,50 |
| 49 000 | 3,85% | 1 886,50 |
| 49 000 | 3,85% | 1 886,50 |
