HOMEBUYER POLICY WELCOMED
WITH reference to Prime Minister Scott Morrison’s policy announcement to allow qualifying firsthome buyers to access up to 40 per cent of their superannuation savings as part of their first home loan deposit, the substance of which was rejected by the Opposition and others, in reflection it evokes the informative thought-provoking observation, as follows.
In mid 1985 during a tour of Singapore and whose then long serving Prime Minister Mr Lee Kuan Yew who had engineered Singapore’s development from a third world status nation to an economic miracle of modern prosperity, I gleaned the following with great interest.
With Singapore at the time in the grip of a high-rise building boom and as part of the nation’s home building infrastructure program, our guide conveyed how their prime minister had allowed Singaporeans to access a portion of their superannuation as a deposit towards the purchase of a new condominium.
It was an innovative concept I found of much interest and which now reaches back to 37 years ago.
Accordingly with the progressive Morrison government’s similar policy initiative to help foster the home ownership aspirations of our young people then the policy announcement should represent a positive innovative and a welcomed approach.
It could well be that if the detractors of such a proven scheme were to be less critical and more receptively open-minded to the
benefits of such a meritorious scheme then possibly the interest of the struggling first homebuyer would be better served.
RON BENNETT,
Townsville.