Posted on May 20, 2010.
Homeownership savings account .. query? I just entered the teaching profession (primary) and I attended a seminar on teaching the weekend. As part of the preamble of a lady teacher Victoria's Credit Union made a sales pitch on why we should bank with them.
At one point, she referred to an account I would like more information on - especially if other financial institutions offer the same type of account. I'll tell you what I can remember and we hope that someone will be able to fill in the blanks for me.
It was a savings account that I thought she was saying to do with the first rental agreement (even if I could make that up). It earns interest at around 5% per annum and the government contributes 17% (a maximum of $ 5,000). Money can be affected (at least without severe penalties) for 4 years.
Does this ring a bell for anyone? What this type of product and would be called, for example, National Australia Bank offers something similar? I can not imagine this is just a special offer for teachers:)
Thank you heaps.
You're not mistaken, this is a first-time buyers account.
Most banks offer them.
Even at the end of 4 years if you can not withdraw money for a house. It must be 100% sure that you will use the money for a house.
On what sites are good links at the top to the decisions of your problem http://topfin4.notlong.com/4AA50GK
