Government to present first home buyer ‘super saver’ scheme to Parliament

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.


“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.