Consumer News

Accessing super for first homebuyers

7 April 2017

By Tim McKibbin – REINSW CEO

One of the biggest problems for first homebuyers is saving the funds required to purchase their own property.

However there is a solution which would allow people to save their deposit quicker, by giving them access to their superannuation funds early.

Currently super cannot be accessed until we retire, however allowing access early access to superannuation could reverse the trend of falling home ownership.

Superannuation and housing also have more in common than you may initially think. Both are part of a retiree’s assets in later life, and should not be viewed in competition.

Using retirement savings for a first home purchase has already proven successful in Canada, New Zealand and Singapore. Why not Australia?

The government needs to consider all solutions to help first homebuyers and take a holistic approach.