As a result of the recent budget changes, the government has decided to scrap the First Home Saver Accounts initiative effective 30 June 2015. What this means is your FHSA will effectively convert into a normal account and you're free to withdraw all funds without any imposing conditions.
Why deposit $6k? The government contribution of 17% is still available for contributions made up to $6,000 for this financial year. So you will essentially get a 17% return on your investment, guaranteed!
The catch? Applications received prior to 7.30pm on May 13, 2014 will only be honoured (I.E. Not available to new customers anymore)
Links: Wealthenhancers Property Observer
DISCLAIMER: I am not affiliated with any financial institution. I am merely a FHSA who was made aware of the changes to the initiative. The advice provided in my post is general advice only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. If any products are detailed on this website, you should obtain a Product Disclosure Statement relating to the products and consider its contents before making any decisions.
Thanks for the tip.
I acuallly have one of these accounts from years back i never used because of the lock in so it's probably time to finally use it.
Seems the only catch is waiting until July 1, 2015 to withdraw.
What's the go with June 25 instead of June 30?