The Housing Industry Association (HIA), representing Australia’s residential building industry believes that first home buyers should have access to their superannuation savings to help them put down a deposit on a new home.

Graham Wolfe, HIA’s Executive Director, Industry Policy and Media observes that superannuation contributions are a form of forced savings for people to support them in their retirement; owning a home delivers the same result, but with the added benefits of home ownership throughout their working lives.

According to Mr Wolfe, many young people are busy working, renting, repaying their education costs and in many instances, raising a family; saving for a deposit can become a challenge given the situation. However, having access to a portion of their superannuation savings will enable many aspirational first home buyers to accumulate a deposit, secure home ownership sooner and redirect their rental payments to their own future financial security.

Calling upon all stakeholders to give the idea due consideration, Mr Wolfe added that the money borrowed from the superannuation savings can always be repaid to their superannuation accounts over a period of time, similar to university HECS repayments, ensuring their retirement savings remain intact.