Government Home Loan savings account

First-home-saver-accounts-400.jpg

Quit dreaming about a home of your own and start making it a reality. And, believe it or not, your government is willing to help make that dream come true. A First Home Saver Account (FHSA) can be used for an existing home or for the building of a new one. Understand that this account is more like a term-deposit sort of savings account. Yet, the process is simple and tax-friendly. Here’s the skinny on the FSHA:

  • Find a financial institution that offers the FHSA. The higher the interest that it offers with the plan, the better. You’ll have to do some shopping around.
  • Plan to have any funds you contribute to be out of action for at least four years. You should be saving earnestly anyway if a home is your goal.
  • You must deposit at least $1, 000 for each of the four years mentioned. You’ll find that’s not so bad once you see the benefit.
  • Enjoy the fact that the government will augment the institution’s interest rate with 17% more up to $5, 500 for each of the four years.
  • The government contribution is not taxed. Any interest accrued on the account will be taxed at only 15%. When you apply your savings to a home, you do so tax free.

Requirements to Open an FHSA

No minimum deposit is required, but you should aim to have at least $1, 000 by the end of your first year and that much contributed during each of the following four years. There are a few personal requirements that need to be met in order for a person to be eligible for this type of savings account. These include:

  • Being between the ages of 18 and 65.
  • Having never held a First Home Saver Account.
  • Having not previously built or purchased a home in Australia as a residence.
  • Providing a tax file number.

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Stansdad here's some post-war history

2003-10-09 13:09:46 by for-you


"...For example, for years now I have used the government's FHA (Federal Housing Administration) loan guarantee program as an example of preference for whites which still has effects in the here-and-now. As most of you know, from 1934-1962, the FHA guaranteed and underwrote over $120 billion worth of home equity for over 35 million white families. Due to racially-restrictive underwriting policies, this font of public largesse was virtually off limits to families of color, who generally couldn't receive FHA loans for homes in white suburbs


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80K is a lot of money....

2001-05-03 23:06:01 by Honeybear

I think that depends. It isn't all lifestyle. I think of my fiance - to go through under-grad and then law school he had numerous student loans. Now his monthly student loan payment is over $900.00 That is a big chunk of change. 80K gross is about 48K net if you are single and pay part of your medical premiums and also pay into a 401K. So whether or not that is 'a lot' of money is relative. Also - when you run your own business and have over-head and etc. 80K is a joke. It is all relative to the particular situation.
Also...the 'wealthy' (defined by Clinton as anyone earning over 100K per year) don't shelter money from taxes very well unless we have a home mortage


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