First Home Saver Account

You can not withdraw your saving from First Home Saver Account unless you kept at least $1000 per year for four financial years in your account. This means you have to save almost $20 per week to fulfill this four year rule of the first home saver account. An individual can open a First Home Saver Account only for himself as you can not keep a joint first home saver account. Your relatives, parents and family members can deposit any amount on your behalf but you can not operate a joint account as par rules. If two individuals are saving amount for a single common house they will open separate accounts and will receive separate Government contribution in individual accounts.