Changing superannuation rules to facility home ownership would leave young people worse off Barwon Heads woman says

As a young person hoping to get into the property market, Barwon Heads’ Lily Cox doesn’t think she and others like her should have to sacrifice their superannuation for a home deposit.

As a young person hoping to get into the property market, Barwon Heads’ Lily Cox doesn’t think she and others like her should have to sacrifice their superannuation for a home deposit.

Ms Cox, 22, believes stimulus programs to encourage home ownership should be pushed by the federal government ahead of moves to raid super, which would leave young people worse off in retirement.

“The government needs to be putting money into helping young people … own a home,” Ms Cox said.

A group, including NSW senator Andrew Bragg and government MPs Jason Falinski, Dave Sharma and Tim Wilson, have called for super changes to facilitate home ownership. Changes discussed range from using all super to buy a house to expanding the first-home super saver scheme to allow mandatory payments to be used rather than only voluntary contributions currently capped at $30,000. Proposed changes are yet to go to parliament.

Lily Cox at Barwon Heads. Picture: Mike Dugdale

Ms Cox said loading people up with cash taken from superannuation would continue to keep house prices high and keep home ownership out of reach for many on modest incomes.

“The generation that came before us didn’t have to make a choice,” she said.

“I shouldn’t be encouraged to dip into my retirement savings to purchase a house now. Of course I want to enter the property market, but that decision shouldn’t be made at the expense of my retirement funds.

“Our superannuation system allows the opportunity for every Australian of any background to accumulate wealth and retire in comfort.

“Why should I be forced to forego that privilege if I want to buy a house?”

MORE NEWS

GEELONG’S BEST PUB REVEALED

BELLARINE TOWN’S ALFRESCO DINING BOOST

GREAT WHITE EYES SURFERS AT COAST HOTSPOT

This week, the HomeBuilder grant for new properties or substantial renovations was extended for three months, with the grant trimmed to $15,000 from the original $25,000.

Corangamite MP Libby Coker said the call to change super rules to allow it to be used to buy a house amounted to a “smash and grab” on the sector.

“The Liberals want you to choose between retirement and home ownership. Labor wants you to have both,” she said.

Follow @cvanestrop

Originally published as Changing superannuation rules to facility home ownership would leave young people worse off Barwon Heads woman says