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First Home Saver Account confusion
13 May 2010 |
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In the original scheme first home savers scheme, buyers had to contribute to their FHSA over four financial years to qualify for concessional tax treatment and government contributions, and could not put the money to a home purchase until after that time had passed. If they bought a house before the four years was up the money in the FHSA would go into their superannuation account.
Now the government will allow people to buy a home and then put the money saved in the FHSA into the mortgage after the qualifying period has ended. Whether borrowers would then be allowed to redraw the money is unclear. What is also unclear is whether the money in the account could be used as part of the loan deposit, if the house is purchased before the four years period ends.
A banking tax partner at Deloitte, Emanuel Hiou, said the change was unlikely to make FHSAs, which are offered by only a small number of institutions and have not attracted much money, any more popular. From a first home buyer’s point of view the biggest stumbling block, the four-year qualifying period, was still in place. Hiou said: “I would be surprised if there was any increase in take-up.”
Banking Day |
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| 31 May 2010 | - Bumper auction weekend |
| | - St George launch iPad App |
| | - Unplanned futures don’t look rosy |
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| 28 May 2010 | - Mortgage problems growing |
| | - Max Bourke didn’t find much debt |
| | - eBay to refund thousands of buyers |
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| 27 May 2010 | - ANZ cuts some fixed mortgage rates |
| | - Rate rises to cost $500 more per month |
| | - Card rates go up and up |
| | - St George, ANZ are customer favourites |
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| 26 May 2010 | - Savings tax discount hits hurdle |
| | - ANZ use Facebook to find debtors |
| | - Business customers still like St George |
| | - CBA, Westpac take business from NAB |
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| 25 May 2010 | - Commonwealth still rules the roost |
| | - Confusion reigns over first home savers. |
| | - Banks profit from ‘unfair’ fees |
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| 24 May 2010 | - Infochoice reveals savings say credit unions |
| | - More good auction results |
| | - Housing affordability plummets |
| | - Fifty fooled by scam Westpac site |
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| 21 May 2010 | - Police hunt fake Westpac website |
| | - Card skimmers target CBA ATMs |
| | - Smokers can cut 6 years from mortgage |
| | - Credit unions grab mortgage market share |
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| 20 May 2010 | - Visa’s big world cup plans |
| | - Competition continues to favour savers |
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| 19 May 2010 | - 90% LVR loans hard to come by |
| | - New capped rate mortgage launched |
| | - Check (both) your credit files |
| | - Charge cards – making a comeback? |
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| 18 May 2010 | - Rate rises bite into lending |
| | - Loan defaults lead to evictions |
| | - Fees on transaction accounts disappear |
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| 17 May 2010 | - Credit Unions customers most satisfied |
| | - Change your bad credit card now |
| | - Bank customers flock to class action |
| | - More good auction results |
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| 14 May 2010 | - Tax discount benefits low income earners |
| | - Buy a big block close to city |
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| 13 May 2010 | - Banks face penalty fee class action |
| | - Housing market cooling rapidly |
| | - SA land tax cuts save big $$$ |
| | - Greek debt puts Aussie rates on hold |
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| 12 May 2010 | - Tax on deposits slashed from 2011 |
| | - First Home Saver Accounts get better |
| | - House prices, interest rates head north |
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| 11 May 2010 | - Banks profit from crisis |
| | - Aussie banks to shrug off Greek crisis |
| | - Auction clearance rates stay high |
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| 07 May 2010 | - Westpac customers dissatisfied |
| | - 4.5 million choose credit unions |
| | - Home repossessions on the rise |
| | - High deposit rates set to come down |
| | - Debt weighing down Aussies |
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| 06 May 2010 | - 90,000 homeowners forced to sell up |
| | - Young people shelve home buying plans |
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| 05 May 2010 | - Big four pass on rate rise |
| | - More rate rises coming 2010 |
| | - Property prices and rates to go up |
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| 04 May 2010 | - RBA increases rates again |
| | - Rate rise expected today |
| | - Credit card rates go up |
| | - We are planning to pay off the card |
| | - Consolidation puts homes at risk |
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| 03 May 2010 | - RBA to wait and see on rates |
| | - Savings tax discount coming soon |
| | - Another bumper auction weekend |
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