ID :
76093
Wed, 08/19/2009 - 22:00
Auther :
Shortlink :
http://m.oananews.org//node/76093
The shortlink copeid
Aussies ignoring first home saver scheme
(AAP)- The uptake of the federal government's First Home Saver Account scheme has been so slow the estimated cost of the program has been slashed by more than $100 million.
The scheme, launched last October as a way of helping Australians buy their first
home, was expected to cost the federal government $130.2 million in contributions in
2008/09.
However, Treasurer Wayne Swan has confirmed the expected cost of government
contributions had been revised down to just $26.2 million.
Under the scheme, the government contributes up to 17 per cent of every dollar
saved, while banks at which the accounts are held also pay interest.
But there are strict eligibility criteria.
Account holders must be 18 years or older and are required to deposit at least
$1,000 a year for four years, while the money can only be used to buy or build a
home.
The money must be transferred into a superannuation account if it is not used to buy
a home.
The scheme, launched last October as a way of helping Australians buy their first
home, was expected to cost the federal government $130.2 million in contributions in
2008/09.
However, Treasurer Wayne Swan has confirmed the expected cost of government
contributions had been revised down to just $26.2 million.
Under the scheme, the government contributes up to 17 per cent of every dollar
saved, while banks at which the accounts are held also pay interest.
But there are strict eligibility criteria.
Account holders must be 18 years or older and are required to deposit at least
$1,000 a year for four years, while the money can only be used to buy or build a
home.
The money must be transferred into a superannuation account if it is not used to buy
a home.
