Using superannuation to buy a first home
The Committee for Economic Development in Australia (CEDA) is considering a plan where Australians who make voluntary payments into their retirement savings, could be allowed to delve into them when buying property for the first time. The amount eligible would be the same as the voluntarily employer’s contribution made to super, and could be announced as early as the May federal budget.
In November 2016, CEDA, proposed the change be made to the retirement policy in Australia, adding that the Government should recognise the use of super to buy a first home would help prevent poverty in old age.
Whilst senior members of parliament have raised concerns that the plan could add pressure to the already unpredictable housing market, it could be only a matter of time, before Australians can follow the footsteps of New Zealand, who already have this option available to them.
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