First home buyers savings accounts 'a major score'

The new first home savers account (FHSA) is a great opportunity for the first home buyer from generation Y, it has been claimed.

In a recent article in the Herald Sun, investment expert Scott Pape insisted that with house prices on the slide, the accounts offer high interest savings with no additional fees attached.

Furthermore, he added that by parking cash in these savings accounts, today’s younger generations of first home buyers can begin to learn an important lesson that will serve them well in today’s difficult economic climate.

“They’ll be learning the lesson their parents didn’t. They will save. They’ll even be scoring some free money from the federal government for the privilege,” he wrote.

Mr Pape also hailed the flexibility of the scheme, which allow people to flirt with other providers in order to get the best savings interest rates.

The FHSA was launched last month and is available to would-be first-home buyers over the age of 18.ADNFCR-1761-ID-18817343-ADNFCR