FAQs

Q: Do I have to provide my Tax File Number when I apply for an account?

A: Yes, we are unable to open an account for you without it. We are, however, only authorised to use your Tax File Number for lawful purposes.

Q: Can I open a joint First Home Saver Account with a friend or family member?

A: Only single account holders are allowed, however if you and a friend have two separate First Home Saver Accounts and want to combine your savings to purchase one property, you can.

Q: I have an investment property but rent the apartment I live in. Am I still eligible for a First Home Saver Account?

A: If you have never lived in the property you purchased as an investment, then you are eligible for a First Home Saver Account.

Q: If my name is on an existing home loan but not on the title of the dwelling, am I still eligible to apply for a First Home Saver Account?

A: Yes, if your name is not on the title of a dwelling, and you meet the additional eligibility requirements, you are able to apply for a First Home Saver Account.

Q: Am I eligible for both the First Home Saver Account and the First Home Buyers Grant?

A: The First Home Buyers Grant is a separate scheme to the First Home Saver Account and will be available to individuals who are eligible (subject to the continuation of the Government Scheme). If you are aged over 18 and under 65 years, have never owned a home in Australia that you have lived in, then you may be eligible for a First Home Saver Account with ME Bank. Also, if you have a First Home Saver Account with another financial institution, you may be eligible to switch to ME Bank if you so choose.

Q: How long must I live in the home purchased with a deposit from a First Home Saver Account for?

A: You must live in your new home for at least six months within 12 months of settlement or if it’s a newly built home, within 12 months of completion.

Q: I have opened a First Home Saver Account with another financial institution but want to switch to ME Bank’s First Home Saver Account to enjoy a higher rate. Can I switch?

A: Yes you can! Simply complete the First Home Saver Account application form and provide the details of your existing First Home Saver Account provider. By signing the authority to transfer, your former provider will transfer the funds to your new account with ME Bank and close your old one.

Q: Can I salary sacrifice into this account?

A: Unfortunately not. All contributions must be made after tax.

Q: Can I use Internet Banking to view my account online?

A: Yes. You must register for Internet Banking to view your account online. To do this, you can call us on
1300 654 998. Once you’re set up, you’ll be able to view your account online, set up a Regular Savings Plan and review your deposit history.

Q: What's the process for withdrawing my money and how often can I withdraw?

A: You may only withdraw your savings once you have made a minimum contribution of $1,000 in at least 4 financial years (these do not need to be consecutive). You may then use your savings as a deposit for your first home.

Alternatively, if you decide not to buy a home, you can transfer your savings into your superannuation account, or withdraw your balance as a lump sum if you are aged 60 years or over.

Q: If I open a First Home Saver Account and then decide to travel or move overseas, am I still able to make contributions?

A: Yes you can! You can keep your account open and continue to deposit money into your First Home Saver Account. However, you will not receive any Government contributions for that financial year if you are overseas for the entire financial year.

Q: Who is eligible for this account?

A: Those eligible to open a First Home Saver Account include:

• anyone who is at least 18 years of age, and under 65 years of age;
• anyone who has never owned a home in Australia that they have lived in;
• anyone who is an Australian resident for taxation purposes; and
• anyone who has never opened a First Home Saver Account with ME Bank. N.B. If you currently have a First Home Saver Account with another provider, you may be eligible to switch to ME Bank.

If you are unsure about your eligibility go to www.ato.gov.au.

Q: Does the First Home Saver Account expire?

A: Once you turn 65 and have not yet withdrawn the funds for the purpose of purchasing a house, you must close your account, withdraw the savings as a lump sum or move the money into your superannuation account.

Q: What is the maximum paid by the Government each year?

A: The Government will make a 17.00% p.a. contribution on your first $5,000 deposited in each financial year, until your balance reaches $75,000. This means you could receive a contribution of up to $850 at the end of the financial year.

Q: What happens if I open a First Home Saver Account but change my mind soon after?

A: There is a 14-day cooling-off period available with the First Home Saver Account, which means you have 14 days to change your mind, close your account and get any contributions back. You are then still eligible to open another First Home Saver Account at a later date. To do this, call us on 1300 654 998 and we will action your request.

If you let the 14-day cooling-off period expire, you are not able to access to the money unless you are over 60 years of age. If you are less than 60 years of age, you can transfer the money to your superannuation account; wait until you satisfy the conditions to withdraw the money to buy your first home; or wait until you turn 60.