Important Changes to First Home Saver Accounts (FHSA)

/in /by

In the 2014-15 Budget, the Federal Government announced the following changes to abolish the first home saver accounts (FHSA) scheme;

  • 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 this account 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, existing accounts will be treated like any other savings account held with Police Bank.

As of 14 May 2014, Police Bank no longer offers this product as a new account.

You may wish to discuss this change with one of our staff. This can be done by calling 132 267 or visiting any of our Service Centres.