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{{propApi.successMessage}} {{region}} Change locationSuper for Housing Report recommends more assistance for first home buyers
Super for Housing Report recommends more assistance for first home buyers
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Ms Martin’s comments come following the preliminary report from the Senate Economics Committee, who are undertaking an Inquiry into improving consumer experiences, choice, and outcome in Australia’s retirement system. The Inquiry specifically examined policy options to enable Australians to use their superannuation to assist with purchasing a home that would in turn improve retirement outcomes.
“HIA has been advocating, when it comes to getting first home buyers into a home the government should be open minded and leave all options on the table.
“It is therefore pleasing to see a number of recommendations from the Senate Committee on potential policy options that would further support first home buyers and others who may have fallen out of home ownership.
“At a time when the cost of buying a home has doubled and it is estimated to take at least an extra two years to save for a deposit on a first home, it is important governments look at different options and leave no stone unturned to ease the burden on first home buyers.
“Home ownership is the most important form of security in retirement. Superannuation is not working at its best if an individual is using super to rent in their retirement.
“But accessing superannuation for housing in itself would only serve some Australians well, other forms of housing programs are critical to the mix to boost housing supply and home ownership rates.
“The Committee recommended to allow first home buyers to access more of their super than has been previously proposed, with options for a higher maximum withdrawal cap or without a maximum threshold.
“It also adopted HIA’s other suggestions, including that:
- the First Home Super Saver Scheme be expanded and simplified;
- superannuation be eligible as collateral for a home loan; and
- APRA investigate the feasibility of superannuation-based shared equity schemes.
“HIA is prepared to offer support in any way it can to ensure these measures can be adopted in full.
“While the opportunity to own a home can be challenging, and the type of homes many families aspire to are changing shape, previous research conducted by HIA shows an overwhelming majority of Australians agree that home ownership still matters,” concluded Ms Martin.
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