G'day All,
I'm presently considering opening a First Home Saver Account as it seems to align well with the timeline in which I wish to purchase my first PPOR and after reading a few discussions on it seems fairly beneficial. I'll run a separate savings account in parallel to this one, as I'm fortunately able to save more than 6k/year.
At the moment I want to keep the account open for the minimum time period possible (2 years, 2 days) whilst maximising my benefit. I'm unsure as to what would happen with the Government co-contribution/bonus in the final year however?
Hypothetical scenario below - As I want it to run.
June 30th, 2014 - Open account, Deposit $6k (2013-2014 FY)
June 30th, 2015 - Deposit 6k (2014-2015 FY)
June 30th, 2016 - Deposit 6k (2015-2016 FY)
July 1st, 2016 - Deposit 6k (2016-2017 FY)
July 2nd, 2016 - Find Dream PPOR, make offer 50k under fair market price, have it accepted, Nigella Lawsons asks me on a date (Imagination may be getting carried away here, but we are speaking in hypotheticals after all)
Assuming I manage to buy a house on July 2nd, thus withdraw the money from the account. Will I receive a government bonus for the 6k that I deposited in that financial year? If I do receive it, I presume it will just be rolled over in to my super? Or do I forfeit this bonus when I withdraw the money?
I'm presently considering opening a First Home Saver Account as it seems to align well with the timeline in which I wish to purchase my first PPOR and after reading a few discussions on it seems fairly beneficial. I'll run a separate savings account in parallel to this one, as I'm fortunately able to save more than 6k/year.
At the moment I want to keep the account open for the minimum time period possible (2 years, 2 days) whilst maximising my benefit. I'm unsure as to what would happen with the Government co-contribution/bonus in the final year however?
Hypothetical scenario below - As I want it to run.
June 30th, 2014 - Open account, Deposit $6k (2013-2014 FY)
June 30th, 2015 - Deposit 6k (2014-2015 FY)
June 30th, 2016 - Deposit 6k (2015-2016 FY)
July 1st, 2016 - Deposit 6k (2016-2017 FY)
July 2nd, 2016 - Find Dream PPOR, make offer 50k under fair market price, have it accepted, Nigella Lawsons asks me on a date (Imagination may be getting carried away here, but we are speaking in hypotheticals after all)
Assuming I manage to buy a house on July 2nd, thus withdraw the money from the account. Will I receive a government bonus for the 6k that I deposited in that financial year? If I do receive it, I presume it will just be rolled over in to my super? Or do I forfeit this bonus when I withdraw the money?