First-home buyers will be allowed to use up to $30,000 of voluntary superannuation contributions to place a deposit on a house or apartment in an effort to help young people gain a foothold in the property market.
In a measure expected to cost the federal government $250 million over the next four years, first-home buyers will be allowed to withdraw any contributions beyond the 9.5 per cent super guarantee to buy property.
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Sally Patten edits BOSS, and writes about workplace issues. She was the financial services editor and personal finance editor of the AFR, The Age and the Sydney Morning Herald. She edited business news for The Times of London. Connect with Sally on Twitter. Email Sally at spatten@afr.com
