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St.George Bank has stepped up its focus on first home buyers, launching a new product that will help them save for their home deposit faster and capitalise on the increased first home owners grant.
The bank’s general manager of intermediary distribution, Steven Heavey, said the SENSE product will help brokers with young clients save the necessary funds to buy a house before the grant is wound back again on 31 December.
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“Many brokers have potential customers on their database who are 18 to 30 year-olds, starting out in their careers, or potential customers who find it difficult to budget and save effectively,” he said.
“Being able to set a savings target is a great tool to help motivate these customers who aren’t used to saving or budgeting, as they will be able to see clearly on their statements exactly how they are tracking in line with their targets.”
The product combine two accounts – SENSE everyday transaction account and SENSE savings account.
A statement is used to chart up spendings and savings. That information is then rounded up to the nearest dollar and the change that is left in the SENSE transactional account is electronically transferred to SENSE savings account.
