First home buyers should be allowed to access super, Fielding says
Family First Senator Steve Fielding says Housing Industry Australia’s latest quarterly report proves that the Federal Government needs to do more to ease our housing affordability crisis, as suggested in the Henry Tax Review.
Senator Fielding said that the 28.7 per cent drop in the housing affordability index over the last 12 months showed how much harder it now is for working families to buy a house.
“The latest figures make it clear that housing affordability is a real issue for thousands of Australians and it’s time the Government got serious about doing something to ease the pressure of escalating property prices,” Senator Fielding said.
“Even the HIA said governments at all levels need to co-ordinate the infrastructure needed to deliver cheaper housing for first time buyers.”
Senator Fielding wants the government to set up an Accessing Super Scheme, like the Canadian Home Buyers’ Plan, which would allow first home buyers to access $15,000 of their superannuation so they can use it for part of a deposit on a house.
“Housing affordability is a real issue for many young families looking to buy their first home and this type of scheme would give them a massive leg up,” Senator Fielding said.
“Owning your own home is still the Australian dream and the Accessing Super Scheme would keep this dream alive for thousands of families.
“We need to take the pressure off young families trying to enter the housing market and this is a good way to do that.
“There is no doubt we have a housing affordability crisis in this country and the latest budget has done nothing to address it.”
Under Family First’s proposal, first home buyers would be able to withdraw up to $15,000 from their own super fund which would then be paid back over 15 years interest free.
“Instead of just handing out government grants and causing property prices to skyrocket, this scheme lets first home buyers access more of their own money so they can put it to good use,” Senator Fielding said.
“It’s vitally important when people retire that they own their own home because it gives them extra financial security.
“This scheme will be a lifeline to thousands of young families desperately trying to escape the rent rut.”