Guide to first home saver accounts

Building your account

You can deposit as little or as much as you like to your account every year until the balance reaches a maximum amount, referred to as the account balance cap. This maximum balance amount includes interest added to the account and government contributions. You don't have to close the account when you reach the cap, but you can't make further deposits and therefore government contributions cease.

For more information about the cap, refer to First home saver accounts - how does the account balance cap work? To find the current account balance cap, refer to First home saver accounts - rates and thresholds.

If your employer is making payments from your salary or wages into your account, they must make the payments from your after-tax income - you can't salary sacrifice payments into your first home saver account.

Other people, such as members of your family, can also contribute to your account.

The government contribution

The government contribution is calculated and paid in a lump sum once a year, approximately six months after the end of the financial year.

First home saver account - home

Sections within Building your account

• The government contribution