‘Now it’ll only take 200 years’

Jarrod Sierocki

The Turnbull government has just announced that young people will be able to use their superannuation to save for a first home deposit, so how exactly does that work?

The federal government has announced a new scheme to help first homebuyers save for a deposit.

CRITICS say the government didn’t do enough to drive down sky-high house prices in last night’s Budget and the changes it did make may make a bad situation worse.

After years of the electorate crying out for help to make buying a first home easier, the Coalition has announced a suite of measures designed to improve housing affordability.

Chief among them is a scheme that allows Australians to put extra money into their superannuation funds that can be withdrawn later to pay for a home deposit.

It’s essentially a way for Australians to supercharge their savings by paying less tax.

From July 1, Australians will be able to make extra contributions to their super via salary sacrifice up to a maximum of $15,000 a year and $30,00…

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