A 21 yr old disability pensioner has asked my wife and I for advice on how she might save money to one day own her own home. She pays board and does not throw her money around (not that there is any to hit the town with). Finance and accounting are not our strengths, nonetheless we feel obliged to help someone who has the go and gumption to try to make her way in life. Independent living would assist with her problem.
The best practical option we could come up with is for her to:
- open a First Home Saver Account (FHSA) with the Members Equity Bank which has no fees, gives a monthly statement and pays the best interest of the banks we compared; and
- put at minimum $1000 a financial year, but up to $5000 into the account, best done by set and forget regular transfer from the account her pension is paid into.
If she is able to perform some contract work in the future to make use of her IT skills (not academically credited unfortunately), then so much the better. We are unsure of any avenues for this.
Honestly, we have difficulty seeing how she could get a deposit together for a long time, but the ego rewards from seeing some investment grow would do a lot for her wellbeing. It would lapse into superannuation if she cannot buy anyhow which is not such a bad thing I guess. Some do it tough.
Comments and suggestions would be welcome.
The best practical option we could come up with is for her to:
- open a First Home Saver Account (FHSA) with the Members Equity Bank which has no fees, gives a monthly statement and pays the best interest of the banks we compared; and
- put at minimum $1000 a financial year, but up to $5000 into the account, best done by set and forget regular transfer from the account her pension is paid into.
If she is able to perform some contract work in the future to make use of her IT skills (not academically credited unfortunately), then so much the better. We are unsure of any avenues for this.
Honestly, we have difficulty seeing how she could get a deposit together for a long time, but the ego rewards from seeing some investment grow would do a lot for her wellbeing. It would lapse into superannuation if she cannot buy anyhow which is not such a bad thing I guess. Some do it tough.
Comments and suggestions would be welcome.