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 |
See the similar FAQ about savings in Australian banks:
- Where do I find the CBA financial calendar?
- Where do I find the CommBank unit prices?
- Where do I find the NAB investor calendar?
- Where do I find the share price of NAB?
- Сommbank ETF fees
Details of companies offering the financial services:
ANZ Bank
Head office’s address: 833 Collins Street
Contact center: 13-13-14
Phone: 61-3-9683-9999
Mail address: 833 Collins Street Docklands, Melbourne
Web-site: http://www.anz.com
Swift code: ANZBAU3M
Financial institution code: ANZ
Stock code: ANZ
ABN: 11 005 357 522
BSB: 015-891
Australian Military Bank
Head office’s address: 45 Clarence Street
Contact center: 1300 13 23 28
Phone: +61 2 9240 4122
Mail address: PO Box H151, Australia Square, NSW 1215
Web-site: https://www.australianmilitarybank.com.au
Swift code: AUMLAU21
ABN: 48 087 649 741
BSB: 642 170
Australian Mutual Bank
Head office’s address: 59 Buckingham Street
Contact center: 13 61 91
Phone: +61 2 9678 2111
Mail address: PO Box 881 Haymarket NSW 1240
Web-site: https://australianmutual.bank/
Swift code: CUSCAU2S
ABN: 93 087 650 726
BSB: 611 100
Bank Australia
Head office’s address: 222 High Street
Contact center: 61-132888
Phone: 61-3-9854-4666
Mail address: Bank Australia Locked Bag 2035, Collingwood VIC 3066 Australia
Web-site: https://bankaust.com.au/personal
ABN: 21 087 651 607
BSB: 313 140
Bank First
Head office’s address: 117 Camberwell Rd
Contact center: 1300-654-822
Phone: 61-3-9834-8560
Mail address: PO Box 338 Camberwell Vic 3124
Web-site: https://www.bankfirst.com.au/
ABN: 44 087 651 769
BSB: 704-191