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Coalition plan allows first home buyers to tap into super for deposits

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Photo by Jan van der Wolf

A new Coalition policy would let first-time home buyers access up to $50,000 of their superannuation for housing deposits, as home ownership rates among young Australians continue to decline.

Housing Industry Association Managing Director Jocelyn Martin said the policy addressed a key barrier to entering the property market.

“This policy acknowledges the reality that for many Australians, saving for a deposit is the greatest hurdle to entering the housing market,” she said.

Home ownership rates among people under 30 have dropped to 36 per cent, compared to 50 per cent three decades ago.

The proposal aims to help more young Australians enter the property market by using their retirement savings for housing deposits.

Martin said using superannuation for housing aligned with retirement planning goals.

“Superannuation is designed to help people plan for their future retirement, there is no better security in your future than owning your own house,” she said.

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The HIA called for additional measures to improve housing affordability.

“Beyond this measure, we need to see policies that address land supply, reduce regulatory costs, and boost housing supply to meet the growing demand,” Martin said.

The industry body emphasised the need for comprehensive policy reforms to address housing affordability challenges.

“For years, HIA has advocated for innovative approaches to make home ownership achievable for more Australians,” Martin said.

The association plans to engage with all political parties ahead of the 2025 election on housing accessibility initiatives.

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