The great Australian dream of home ownership will be unlocked sooner for thousands of first home buyers who will now be able harness their superannuation to get into the property market.
Under the Super Home Buyer Scheme, first home buyers will be able to invest up to 40 per cent of their superannuation, up to a maximum of $50,000, to help with the purchase of their first home.
It will mean Australians can buy their first home sooner by slashing the time taken to save a deposit by three years, on average.
The scheme will apply to both new and existing homes with the invested amount to be returned to their superannuation fund when the house is sold, including a share of any capital gain.
This means that a person’s super is harnessed to purchase a first home while also protecting their long-term savings plan for retirement.
The Super Home Buyer Scheme will start by 1 July 2023.
There are no income or property caps under the Super Home Buyer Scheme with eligibility restricted to first homebuyers who must have separately saved five per cent of the deposit.
Over the last three years, the Nationals in Government’s housing policies have supported more than 300,000 Australians into home ownership.
Only the Coalition Government has a comprehensive plan to help Australians realise the dream of home ownership.
Under the Liberal and Nationals plan, the Home Guarantee Scheme will next year help 50,000 Australians into a home, including 10,000 places for new homes in regional Australia and the First Home Super Saver Scheme is already helping Australians make voluntary savings to put towards their first home.