A super deposit
First homebuyer plan
YOUNG Australians could dip into their superannuation to buy their first home under a plan to tackle housing affordability being considered by the Federal Government.
The plan is being considered as part of a wider housing affordability strategy set to be unveiled in the May Federal Budget.
It’s understood first-home buyers who made voluntary payments to their superannuation would be able to dip into their usually locked retirement savings to withdraw from their employer contributions to fund a deposit for a first home.
The amount they could withdraw would be equal to the amount of top-up payments made.
Some senior government figures were reportedly cautious about the plan, arguing it could add to pressure on an already heated property market.
It’s understood some MPs are also arguing for the Government to allow retirees to downsize their homes without it affecting the pension asset test.
The Property Council, which has lobbied for the change, has argued in its prebudget submission that any cost of the policy to the budget would be offset by savings gained from more people delaying the need to move into retirement homes.
Treasurer Scott Morrison has ruled out changes to capital gains tax for property investors after it was reported the Government was considering the plan.
Assistant Minister to the Treasurer Michael Sukkar came under fire yesterday for his comments that the first step to buying a first home was for young people to get highly paid jobs.
Echoing former Treasurer Joe Hockey, who sparked controversy over his comments that first home buyers should find a “good job that pays good money”, Mr Sukkar told Sky News “it’s not the only answer, but it’s the first step”. CFA crews managed to salvage a shed full of vintage cars following a fire that destroyed a Little River home yesterday.
Firefighters were called to the Malcolm Rd home with an iron roof soon after 4pm to find it “well alight”.
CFA operations officer Pat Geary said crews planned to go inside the home to fight the fire but it was too dangerous.
“We called for breathing apparatus but in the end we didn’t need them as we had to fight the fire from outside,” Mr Geary said.
He said the fire was brought under control by four CFA crews just after 4.30pm.
Fire crews were also called to Sharp Rd in Meredith yesterday shortly after noon, following reports that a column of smoke was rising into the sky.
They found a grass fire and spent about an hour bringing it under control.
It was contained on the north side of the Moorabool River, though it briefly threatened to jump the river and containment lines.
Last night a CFA spokeswoman said DELWP officers were on site to assist with blacking out t th the area.
CFA crews were called to a grass fire north of Little River about 2.45pm yesterday, just off the Princes Freeway Freeway, Cocoroc.
The small grass fire was under control within minutes.