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.
