First home saver accounts offer a tax-effective way of saving for your first home through a combination of government contributions and low taxes.

They’re a special purpose account that is more like a term deposit than a normal, everyday account because you have to keep the money there for a minimum period of time.

Once that time has passed and you make the decision to buy or build your first home, you have to withdraw all the money at once and close the account. You need to use the money you save as a deposit or to meet other costs you incur in buying or building your first home.

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