A simple, easy way into the property market.
For the first time in Australia, the Government has designed an account to help first time residential home buyers get into the property market.
You can earn a competitive rate of interest and any interest earned will be taxed at 15% and paid to the Australian Taxation Office (ATO) by us. So, there’s no need to declare interest earned on this account in your tax return.
In addition, the Government will contribute 17% of what you deposit each year (capped at $935), providing you meet the account conditions.
This account is available to everyone aged between 18 and 65 and you don’t have to be a member to enjoy:
- additional contributions from the Government
- tax benefits
- a competitive interest rate
- no account keeping fee
- the flexibility of depositing funds into your account when you want.
It’s a perfect opportunity to help you achieve your very own home.
In addition, changes to the First Home Saver account came into effect on 25th May 2011. You can now purchase a property before depositing a minimum of $1,000 a year in 4 separate financial years, providing you meet the qualifying minimum period. Any funds you have in this account can be put towards your mortgage. Please refer to the Product Disclosure Statement for details.
Register now for information and an application.
Also, see our frequently asked questions.
Interest rates
Effective 1st January 2012
Our First Home Saver account interest rate is 4.75%pa. We are required to collect tax of 15% on those interest earnings. The net interest rate credited to your account is 4.04%pa.
Fees and charges
Account keeping fees
Number of free deposits
Internet banking transfers and balance enquiries
(for members only) |
$0
unlimited
Free |
>See our full fees and charges
You have many ways to access your First Home Saver account.
Electronic deposits
Transfer from your accounts at another financial institution to Teachers Credit Union. This can be set up as a one-off or recurring transfer.
Internet banking
If you’re a Teachers Credit Union member, you can register for internet banking and access your account 24/7. You can check balances, transactions and transfer money to the account.
Over the counter
Visit our Homebush or Rooty Hill offices to deposit and withdraw your money
Direct your pay and income
You can easily arrange for all or part of your pay, dividends, government allowances or rental income to be automatically deposited into your account.
Statement
You will receive a monthly statement showing your current balance and transaction history for that month.
Withdrawals
Savings can be withdrawn if you:
a) Deposit a minimum of $1,000 a year into the account in 4 separate financial years.
b) Purchase a property from 25th May 2011. The funds can be put towards your mortgage, however you must still meet the qualifying minimum period.
Please refer to the Product Disclosure Statement for more details and other ways to access your funds.
For more information on account access, read our Access options.
Term deposits
You don't need to be a member to lock in a great return with terms between 3 to 36 months.
Online Savings Account
If you like the convenience of saving online and being rewarded with a high interest rate, consider an Online Savings Account. You need to be a member to open this account.