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Our First Home Saver Account pays you to save for a home. Twice.

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 even easier to save for your first home.

Open a First Home Saver Account and we’ll give you a helping hand with a competitive interest rate of 4.50% 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 so rewarding.

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

• 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 on your behalf.
• You will not be taxed on the money you deposit, the Government contributions or when you withdraw your savings to buy your first home.
• No monthly account keeping fees.
• 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.

For more information please refer to 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 local branch or call 13 2224 between 8am and 10pm, 7 days a week.

If you wish to close your First Home Saver account within the first 14 days of opening, please download the cooling off closure form.

• Important information
  
  Interest rate is current as at 05/03/2010 and subject to change. 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.