What happened to FHSA?
Can I apply for a new FHSA?
I already have an account, can I still receive a Government co-contribution this financial year (2014/15)?
How does my FHSA account work now the scheme has been abolished?
Can I just continue using my FHSA as a normal savings account?
How can I access my savings from 1 July?
Can I close my account/withdraw funds?
What happens to existing tax and social security concessions?
What happens to my interest earnings?
Are there any changes to fees after 1 July?

What happened to FHSA?

In the 2014-15 Budget, the Federal Government announced the abolishment of the first home saver accounts scheme.

The restrictions on withdrawals will be removed from 1 July 2015. Once the first home saver account scheme is abolished from 1 July 2015, these accounts will be treated like any other at call account held with Police Bank.

The existing rules will continue to apply until 30 June 2015. For more information on the abolishment, refer to the Abolition of the first home saver accounts (FHSA) scheme webpage.

As of 1 July 2015, Members with existing First Home Saver Accounts will be given access to savings in that account. We will contact existing account holders shortly before this date to advise of the required changes.

Can I apply for a new FHSA?

No – unfortunately the Government’s changes mean we no longer offer the First Home Saver Account.

I already have an account, can I still receive a Government co-contribution this financial year (2014/15)?

No – the Government made their last co-contribution for deposits made in the 2013-14 financial year.

How does my FHSA account work now the scheme has been abolished?

Prior to 1 July 2015, there were restrictions on how you could use and save with a First Home Saver Account.

These restrictions no longer apply to your account. This is now a standard at call savings account.

Can I just continue using my FHSA as a normal savings account?

No. As we no longer offer this product, we will be discontinuing its use on 1 September 2015.

There are no restrictions on how to close your First Home Savings Account. You can transfer your savings to another Police Bank account or withdraw the funds using our payment facilities, or across the counter^ at one of our Police or Border Bank Branches.

^Please note that fees apply for over counter transactions. Click here to obtain a copy of our Schedule of Fees and Charges.

How can I access my savings from 1 July?

From 1 July, your FHSA will be a standard at call savings account. We have a range of payment facilities that you can use to access your savings:

  • Internet banking – giving you internet access to your account information and payment facilities*;
  • Redidial – our phone banking service offering access to your account information and payment facilities*;
  • Direct Debit – the facility to make direct debit payments on your savings accounts;
  • Periodical Payment – the facility to make set periodical payments;
  • Direct Transfer – a once only electronic funds transfer;
  • BPAY – for your bill payments with access to the BPAY system*;
  • PayAnyone – our facility that allows you to make payments to a mobile number or email address*.

*For these products Access Methods Terms and Conditions apply. Click here to obtain a copy, or contact us to request a copy.

Can I close my account/withdraw funds?

You can access your funds as planned before 30 June if you meet the current qualifying requirements; in most cases if you buy a house and have meet the government’s deposit criteria.

Otherwise, the Government’s announced changes mean account funds can be withdrawn from 1 July, 2015.

There are no restrictions on how to close your First Home Saver Account. You can transfer your savings to another Police Bank account or withdraw the funds using our payment facilities, or across the counter^ at one of our Police or Border Bank Branches*.

We will work with existing account holders from 1 July to help you transfer your savings and close your First Home Saver Account. If we do not hear from you before 1 September 2015, your balance will automatically be transferred to our Savings Plus Account. Click here to read more about Savings Plus.

What happens to existing tax and social security concessions?

Existing tax and social security concessions available to account holders will be in place until 1 July 2015. Tax and social security concessions relating to the account will apply for the 2013/14 and 2014/15 financial years.

What happens to my interest earnings?

There is no change to how interest is calculated on your First Home Saver Account.

The interest on the account is calculated daily and paid every six (6) months in June and December.

Click here for our current interest rates.

Are there any changes to fees after 1 July?

No. There are still no monthly or annual account keeping fees that apply.

*Over the counter and/or transaction fees may apply to your payment facilities and other services. Transaction charges in excess of any monthly allowances benefit will be debited to your account on the last day of the month in which the fees were incurred. Click here to read our Schedule of Fees and Charges.

Reduced Fees Program – you can minimise (or even avoid) transaction fees and charges. Click here for more information on our Reduced Fee Program for details.