Homebuyer savings accounts attract little interest

Tuesday 19 May 2009

Article by Mozo

Despite the government’s eagerness for people to sign up to its homebuyer savings account scheme, fewer than 4,000 Aussies have got involved, a new poll from the Daily Telegraph reveals.

According to the paper, 11 of the 19 major Australian financial groups were happy to release figures showing how many people had signed up for the savings account, while eight refused.

Seven of those quizzed said that there had been fewer than 35 accounts opened since the scheme was launched in October, despite offering a savings interest rate of 17 per cent.

The reluctance to sign up may be a sign that many Aussies are unable to lock their cash away in the current climate.

"It’s a welcome measure, but it has a few restrictions in the way it’s designed. You can see that in the sheer lack of numbers of the accounts out there," said Abacus adviser Luke Lawler, speaking to the paper.

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