Friday, June 3, 2011

FHSA holders can buy a house now

It has hardly recieved any news coverage but the First Home Saver accounts that have been offered by the federal government has just last week become more attractive (see 5 Reasons to get a First Home Saver Account for background information). The government has now allowed people who have a first homesaver account but not eligible to draw the money out just yet, to go and buy a house and when the first home saver account completes the four year requirement, you can use the money to contribute to the mortgage of that purchased house.

This seems to only apply for houses that were bought after 25th May 2011. Nothing has been said about the situation where you acquire an interest in a house after 25th May 2011. Anyone know whether that will qualify?

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