Superannuation

‘Stupid’: Housing plan slammed


First homebuyer Kyle Carless, 21, waits in line with grandfather Gary Carless, to talk to agents at a Mirvac apartment sales suite at Olympic Park in Homebush, Sydney. Picture: Brianne Makin

YOUNG people may soon be able to access their superannuation to help buy their first home, as part of a sweeping package of housing affordability measures to be unveiled in next month’s budget.

According to The Australian, the government favours a model that would allow first-home buyers to divert superannuation contributions into a home savings account, which would need to be matched dollar-for-dollar by contributions from personal savings.

The paper reports that the amounts available and the time period over which it could be accessed would be capped.

It comes as Treasurer Scott Morrison, in a speech to the Australian Housing and Urban Research Institute in Melbourne on Monday, pointed to a Productivity Commission report from 2015 which found the most frequent use of superannuation lump sum paym…

Read the full article at: http://www.news.com.au/finance/superannuation/government-mulls-access-to-superannuation-for-first-home-buyers-in-housing-affordability-package/news-story/2b42eb726c91a461628746cfd89213e4

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