The First Home Saver Account.

We’ve helped more Australians save for, and buy their first home than any other bank. And now, with a First Home Saver Account it’s easier to save for your first home.

Open a First Home Saver Account, and we’ll pay 4.75% p.a. on your deposits. That’s in addition to the 17% that the Government will pay on contributions you make of up to $5,000 each financial year. Saving for your first home has never been more rewarding.

Some of the benefits you’ll receive from opening a First Home Saver Account include:

• A high 4.75% p.a. variable interest rate from the Commonwealth Bank.
• No monthly account keeping fees.
• Government contributions of 17% on contributions you make of up to $5,000 in any financial year.
• A low tax rate of 15% on the interest your savings earn, which we will automatically deduct from your account and pay to the Tax Office.
• You will not be taxed on the money you deposit, the Government contributions or when you withdraw your savings to buy your first home.
• You can make deposits to your account at any Commonwealth Bank branch, online with NetBank or via operator assisted telephone banking.
• Contributions can be made by the account holder, family members, employers and even friends.

What you need to know:

• You must be over 18 and under 65.
• Your deposits and earnings are to be used to purchase or build your first home to live in. If you change your mind about purchasing or building your first home to live in and wish to withdraw your savings, the balance must be transferred into a superannuation fund of your choice.
• To withdraw your savings, you must have contributed at least $1,000 per year in four separate (but not necessarily consecutive) financial years, or be purchasing or building a home with someone who has.
• The product is only available for individuals who have never owned a home in Australia that they have lived in and have never opened a First Home Saver Account before (unless transferring from a First Home Saver Account at another institution).
• You must be a full-time Australian resident.
• You must have a tax file number.
• There is a lifetime balance cap of $75,000 for the account, whereby you will not be able to deposit any further funds.
• For more information please view our Product Disclosure Statement and our General Information and Terms and Conditions booklet.

To apply for a First Home Saver Account, drop in to your closest branch or call 13 2224 (when prompted choose option 3) between 8am and 10pm, 7 days a week.

Important information:

As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on this advice, consider its appropriateness to your circumstances. A Product Disclosure Statement and a General Information and Terms and Conditions booklet are available from 13 2224 and should be considered in any decision about the product. Please view our Financial Services Guide.