Relaxed rules for first home saver accounts

Relaxed rules were announced this week for the First Home Saver Account scheme.

The new rules are a great outcome for young people saving for a first home said James Bruce, Product Manager for ME Bank.

“This is great outcome for first home buyers, this adds so much flexibility. If you find a home before the four statutory years is up you can buy it. You can even use your existing first home saver account to buy an investment property now, as long as you move into it within twelve months.”

If you have previously owned a property before 1999 or an investment property that you have never lived in, you can still be eligible to open a first home saver account, said Mr Bruce.

Source: Courier Mail