Home loan customers shun saver accounts

Many Aussies need all the help they can get in order to be in a position to take out a home loan.

A recent study published by the Australian Associated Press – titled the Homes for All report – found the majority of people under the age of 35 have very little hope of buying a property down under.

Times are hard and first-time buyers are finding it very difficult to make that all important first step on to the property ladder.

This caused the government to introduce first home saver accounts, which are aimed at helping people put money towards their first house.

Customers have to make regular payments into the fund and the government helps out by offering contributions worth 17 per cent of the total pot once a minimum of $5,500 has been deposited.

While this may seem like a fantastic idea, it appears that the novelty has worn off.

According to National Features, some major banks have scrapped the scheme and just 800 accounts were opened in the final quarter of 2011 – compared with 4,500 in the first three months of the year.

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