The Turnbull Government is expected to present its plan to help first home buyers save for a house deposit through their superannuation to Parliament today.
The scheme, dubbed the ‘First Home Super Saver Scheme’ will allow people to make up to $30,000 in voluntary super contributions over two years and then withdraw it when they’re ready to buy a home.
The scheme was announced earlier in the May budget to reduce pressure on housing affordability.
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“The Government will help Australians boost their savings for their first home by allowing them to build a deposit inside superannuation,” the Government said in their budget fact sheet.
However, Labour continues to fight the legislation, saying it won’t do anything to help housing affordability.