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Major banks back first home saver accounts

Staff Reporter 1 minute read

ANZ and CBA have agreed to offer first home saver accounts which the Government hopes will boost the number of first time buyers.

The first home saver accounts are part of the Government’s first home saver scheme which it hopes will ‘provide a simple, tax effective way for Australians to save for their first home through a combination of Government contributions and low taxes’.

According to The Australian Financial Review CBA will pay an interest rate of 6.5 per cent while ANZ will pay a rate of 7 per cent.

The government will contribute 17 cents for every dollar saved in the accounts.

Published: 22-09-08

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