Allow home deposits from superannuation

Allow home deposits from superannuation

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So many Australians will never be able to afford to buy a home, not because they can't afford a mortgage repayment, but because they can't afford the deposit. With the massive increase in property prices over recent years, combined with continually rising essential services prices, food prices, petrol prices and most other things in life - saving a deposit is just not realistic for so many Australians.

We all keep getting told to pump money into our superannuation to ensure we have enough to retire on. The problem there is, anyone who doesn't own a home needs far more to live on, due to the horrendous rental costs in this country. Therefore so many of us will burn through our superannuation extremely quickly just to keep a roof over our head, the power on, and food on the table. Once the money is gone, what then? Housing commission demand increases exponentially, and pensions have to be issued to people who shouldn't need them? This is no future anyone wants.

The solution is simple. Let Australians access their superannuation for a home deposit. Controls can be put in place to protect their super and to avoid people exploiting the system. For example:

1. If you own a property already, you cannot use your super. (Accessing super should NOT be locked down to first home buyers only, but you shouldn't be able to use it if you currently own a property or have access to savings of equivalent value)

2. A special contract could be created, so If you sell the property for any reason, the money you borrowed, and a predetermined level of compound interest, must be returned from the property sale, prior to you accessing the remaining funds.

This is a simple solution that will ensure that even if older Australians don't have much money in retirement, they at least have a home to live in! And of course, if you own your own home, without the pressure of mortgages or rent, it will make it easier to pay the bills and survive.

The additional benefits to the Australian economy are massive:

1. More people owning their own home, easing rental market pressures

2. Increase in demand for the construction industry, whether this is building new homes or renovating.

3. Potential for older Australians to have additional income from their super to spend, boosting areas such as retail.

Hopefully this petition can convince our government to finally unlock our own money and let us ensure our futures are secure, and help provide additional strength to the economy.

0 have signed. Let’s get to 100!
At 100 signatures, this petition is more likely to be featured in recommendations!