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ausdude159 | Is it beneficial to invest in the Australian Government's new "First Home Saver" accounts? |
Is it more beneficial to invest in the Government's "First Home Saver" accounts or a high-interest bank account, keeping in mind that the financial institution pays the 15% tax on the First Home Saver accounts. What is a regular bank high-interest account taxed at? Which is more beneficial? http://www.ato.gov.au/content/downloads/MEI00155253n72406082008.pdf
Additional Details
So many great answers so far! I have already saved a deposit, but the prices keep going up, so it can be a bit frustrating. Although I forgot about the first home buyers grant... |
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Andrew
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Hello there,
Regarding the First Home Saver Accounts (FHSA). I've had quite a lot of exposure to this - since the concept was incepted prior to the budget papers.
The key aspects of this scheme is that the Government Contributes 17% for deposits (up to $5000) made during year into the FHSA. i.e. the maximum government co-contribution is $850. This is in addition to interest paid by the bank.
All earnings in the FHSA are taxed concessionally at 15%.
The disadvantage is that the funds in the FHSA CAN NOT be accessed until 4 years later. If you close the FHSA before 4 years, the funds are rolled over into your superannuation fund - meaning it will be even longer before you can touch it.
I'm not too sure, but i believe the funds in the FHSA can only be used towards a deposit for a new home. You may need to clarify what happens if you buy a first home prior to the 4 year timeframe ending and without closing the FHSA. What happens then? (most likely rolled into superannuation).
Hope his helps. The government contributions and concessional tax are the main advantages. But unless you're really young and not looking to buy a first home soon, the 4 year time limit may really restrict you.
Good for parents helping their young kids save. |
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Simon B
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Any interest earned on a regular bank account (eg an on-line saver) is taxed at your personal tax rate. Check the ATO website for the current tax brackets.
The advantage in this account is, if you are in the 40% tax bracket then you would usually have to pay 40% of your interest earnings in tax. Not so with this account, on which you will pay tax at the concessional rate of 15% on earnings.
Then there is also the government's co-contribution which is basically money for nothing, which can only be a good thing.
I agree that the 4 year term is a bit restrictive, but it is designed to encourage people to save up a bigger deposit (20% avoids the need to pay mortgage lenders insurance) which means less interest in the long term.
Really it comes down to your personal circumstances so I would seek professional advice before committing your money to such an account. |
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Papa Icarus
 |
Whilst the idea is good the down side is that the Real Estate industry ran by greedy vultures are frothing at the mouth at this since this is an excuse for them to further inflate real estate prices.
Its a supply and demand issue, housing is in chronic shortage due by and large to the artificially inflated real estate market and the high interest rates the federal government is ignoring. This proposed scheme will ideally allow first home buyers to save up to enter the real estate market, increasing the demand.
The higher the demand the more the real estate industry gets greedy to recover from all the shortfalls these past 36 - 48 and the ensuing 36 - 48 months immediately.
Kevin Rudd wants to give Australians scraps to make it look like he is doing something about housing affordability, but in fact he is not easing the housing affordability crisis through this high yield savings account.
This is no different from the First Home Buyer's Grant which allowed the Real Estate hyenas to increase prices more than the actual grant itself. |
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Luis G
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This is GREAT FOR YOUNG ADULTS to get started in the housing market.When you start working and owning a house is still 4-6 years away it's money from the government for nothing!!!!!! You still have to save for that big deposit so why not let the government help out. |
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jettboy
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I think it would be ok for someone who has not started saving already but for others it is useless. there is a max interest payment per year and I am not sure but I think the money has to be accumulated over 4 years without touching it . this is no good for some like ourselves as we have saved some money and want to buy next year some time . If we left it for 4 years the house prices at that time would probably be so high that it wouldn't be worth it. I am keeping it in my bank account where I has access to it when we want to buy without being penalised and there is no time limit imposed on us. The interest rate we have is 7.5 and we find that ok |
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hexrunt
 |
A regular high interest account is taxed based on your income level as any interest gained is counted as income.
The 'First home saver' account is a positive product. It is essentially the same concept as a high interest account but with associated tax benefits and direct monetary benefits providing by the government 'matching' your deposits.
Whether they are a suitable means for your situation in particular is based on your own conditions and how much you earn.
Estimates are that the accounts will generate interest rates similar to most high interest gathering accounts anyway in the range of a 5-8% return per annum.
There is also the concern that the enforced four year period may not be flexible enough for sudden market changes. So it may be a good approach to split your investments/savings into a normal high interest account and one of these 'first home saver' accounts so that you can enjoy some of the tax benefits and the co-contribution of 17% up to $850 a year on the FHS account while still having some money available in a normal account to take advantage of the possibility of a market change in home prices, with the ability to use the FHS account as a lump sum investment against your mortgage once it matures.
Really though it is as said relevant to your particular situation. Seeing a real financial advisor and discussing your plans and options would definitely be the way to go. |
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hpc08
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This is a token gesture that will be met with a lukewarm response. Anyway it can't be too bad to get $850 from the government each year.
House prices are no longer rising, and starting to fall like the US, UK and NZ. Save for the 4 years, and buy a house at 30-40% off current prices. |
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Lucky
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Personally i would use the governments first home owner grant to invest into property as property gains in value alot more quickly than a high interest earning account. For example, my husband and i bought our first home in 2005 for $190,000 and used our $7000 government grant towards the deposit as well as some of our own savings. Now only 3 years later the property has been valued at $295,000 a gain of $105,000 profit in 3 years. This couldn't be achieved with a high interest earning account unless i had a few hundred thousand dollars to invest of course...... |
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jim r
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a wise person whould look very carefully at the stock market with everything heading south there is some serious mega money to be made as everything returns to normal ,happy investigateing |
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Rosmini D
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FOR FAST MEASURE.
1. INCREASE THE $7000 FIRST HOME GRANT TO $15,000, AUSTRALIA WIDE.
2. ABOLISH ALL STAMP DUTY TAXES ON LAND & HOUSE, THAT COULD SAVE BETWEEN $3000 TO $18,000.(SCALED)
3. ENFORCED FIXED AND CAPPED INTEREST RATES AT COST FOR EIGHT YEARS HONEYMOON RATES.
4. GET RID OF BOGUS MORTGAGE AGENTS AND LENDERS THAT CHARGES HIGH APPLICATION FEES. MAKE IT ILLEGAL.
5.ALL INTEREST RATES SHOULD BE THE SAME IRREGARDLESS BANKS, NON BANKS,ETC. ALL BORROWERS (WORK/SELF EMPLOYED) THE SAME RULES. ABOLISH LOW DOC LOANS. |
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slovermac
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Yeap they are so secured, by the Australian Treasury |
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Clare D
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I thin it is a good idea maybe for new families or families wanting to save. not for existing families. However it is from the Rudd government and it is just a bit of a worry considering the markets at the moment around the world |
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lasitha d
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I guess it would be a great idea and people can be benifited from that |
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Dr Doolittle
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Not a good idea to invest in ANYTHING at the moment. Been watching the news lately? |
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