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In order to help the people who are under financial pressure and still wish to purchase home in Australia, the Federal Government has lately launched FHSA-The First Home Saver Account . It has also offered some aid to FHSA and the interest that accumulates on this account is usually taxed at lower rates. With this amazing tax saving account, the buyer can purchase his dream house for the first time and this is a wonderful opportunity for such people. Thus, FHSA has proved to be quite advantageous for first home buyers. Prime Minister Rudd launched this simple tax saving scheme in the year 2007. It gives governmental assistance to encourage individuals to start saving for their first homes in Australia. With first home save account you can save a good amount of cash. You can quickly deposit your money and you are obliged to keep the savings in your account for minimum 4 years. You should have a minimum balance cap of $75,000. Till you reach this amount, you have to save and invest your money in your account. Once you attain this balance, the Government adds certain amount of contribution. You are not permitted to do any partial withdrawal from this account and if you withdraw the amount, your account is sealed. The FHSA account holder enjoys tax benefit and with each $5000 index amount you save, the government contributes 17%. Also, the income tax is usually charged more than 15%, but for FHSA earnings, the tax rate is of 15% only. Also, the asset tests for this account is not required. But, you can manage this account till you buy your home in Australia or until you become 65 years old.