Home buyers accounts complex and costly

The First Home Buyer Savings accounts that will be offered by banks, some credit unions and building societies after the first of October are too complex and expensive to administer to make money says banking analysts. The market for people saving for their first home is too small to make the accounts viable for many Superannuation funds and smaller institutions say experts. Savers can receive government co-contributions for saving money that will be spent only on a deposit for a first home. Commonwealth Bank will offer their first home buyers account through all branches from the 1st of October. ANZ's first home buyer account will be available online. AMP will pay a bonus one per cent interest on its first home buyers account between October 1 and December 31.

Source: Herald Sun

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