Home Saver Accounts

The government has issued a discussion paper on their proposal for new Home Saver Accounts.


  • First Home Saver Accounts are the first of their kind in Australia and will provide a simple, tax effective way for Australians to save a deposit for their first home through a combination of a Government contribution and low taxes.


  • An individual can open an account if they:
    • are aged 18 or over and under 65;
    • are an Australian resident for taxation purposes;
    • have not previously purchased or built a first home in Australia to live in;
    • do not have or have not previously had an account; and
    • make an initial contribution of at least $1,000.

Contribution arrangements

  • Individual contributions of up to $10,000 (indexed) may be made into an account each year. These contributions may be made by the account holder or another party, such as an employer, on behalf of the account holder.
    • Contributions have to be made from after-tax income.
  • The Government will make an additional contribution which will be paid directly into the account, with arrangements broadly reflecting those for superannuation.
    • The Government contribution will be made on up to $5,000 of individual contributions each year.
    • The contribution level will be either 15 per cent, or the account holder’s marginal income tax rate less 15 per cent, whichever is greater.
      • Individuals with incomes of up to $80,000 who contribute $5,000 to their account will receive a Government contribution of $750.
      • For individuals on incomes above $80,000, the contribution will vary depending on the marginal income tax rate of the individual.

      More details on the Treasury fact sheet