If you’re thinking about saving up for a deposit on your first home then you should consider the government incentivised First Home Saver Accounts (FHSAs).
You can contribute up to $5,000 each year into these accounts and the government will kick in an additional 17%. Add on top of that the interest earned and your going to be well on your way to saving for that deposit.
There are rules associated with the accounts, which you can read here [First Home Saver Account Guide], but if you are already putting savings away and don’t have one then you are missing out.
Not all banks offer First Home Saver Accounts and the interest rates vary but the current offering from ME Bank has a very high interest rate. Evern higher than most ordinary savings accounts.
ME Bank’s First Home Saver currently has an interest rate of 6.25% pa. There are no monthly fees to worry about either.
Click here to compare First Home Saver Accounts.
Disclaimer: Interest rates and features change without notice, please check all details before making any decision and seek advice from a Financial Planner.