Call for Super Change
Renewed calls have been made for the government to allow first-home buyers to use their super to buy property. According to 1300 Home Loans Managing Director, John Kolenda, the government should radically overhaul its superannuation regulations to suit first-home buyers. He said a younger generation was being forced to pay for a retirement when they could “secure a home” from the money instead.
“It is ridiculous to make someone who is just starting out in life save for their retirement before they have even secured a home, especially when you consider than owning your own home is one of the greatest protections against poverty in old age anyway,” he said. In Singapore, citizens can use superannuation as equity to secure a deposit. Mr Kolenda said it was about time that Australia followed suit and introduced a similar system, because we are currently making it harder to own a home.