In the 2014-15 Budget, the Federal Government announced the following changes to abolish the first home saver accounts (FHSA) scheme;
- Eligibility for a government contribution will cease from 1 July 2014.
Existing account holders will continue to receive the government contribution for personal contributions made during the 2013-14 income year.
- Tax and social security concessions will cease from 1 July 2015.
Existing account holders will continue to receive all tax and social security concessions associated with this account for the 2013-14 and 2014-15 income years.
- Restrictions on withdrawals will be removed from 1 July 2015.
Once the first home saver account scheme is abolished from 1 July 2015, existing accounts will be treated like any other savings account held with Police Bank.
As of 14 May 2014, Police Bank no longer offers this product as a new account.
You may wish to discuss this change with one of our staff. This can be done by calling 131 728 or visiting any of our Service Centres.