Treasurer Joe Hockey wants young people to have the option of dipping into their superannuation to buy their first home.
“It is incredibly hard for young Australians to get into the first home market. We are prepared to look at a diverse range of proposals to help young Australians buy their first home.”
Treasurer Joe Hockey is considering loosening the rules around when Australians can access their superannuation money. He wants first own home buyers to be able to dip into their super to help them pull together a deposit. Another possible use for super would be for retraining for a new job.
The average super balance for 25 year-olds is $10,700 for men and $9,470 for women, so it’s a nice boost for a house deposit.
Mr Hockey’s comment came during the discussion around the Government’s Intergenerational Report, which highlighted the ageing Australian population and longer working lives. More of the original article from Triple J Hack HERE.
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