Federal election 2022: Coalition housing scheme the preferred option, not bank of mum and dad

For hopeful Melbourne buyers Brady Narayan and Emily Peak, being able to borrow money from their super would see them finally leave the family nest.

Brady Narayan, 22, and Emily Peak, 21, are looking to buy their first home and see benfit in the Coaltiion’s Super Home Buyer Scheme. Picture: Aaron Francis

For hopeful Melbourne buyers Brady Narayan and Emily Peak, being able to borrow money from their super would see them finally leave the family nest and get their first home.

The apprentice electrician, 22, and receptionist, 21, have been squirrelling away money for the better part of three years. They are now at a crossroads – they can either continue to save for another 18 months or get a loan from their parents.

“We obviously don’t have massive wages coming, but we are slowly trying to save to get a deposit to buy a first home together,” Mr Narayan said.

“We could buy something at the moment but we would have to get a loan from our parents. I’d rather use my super and do it myself than put a burden on our parents.

“When there is good opportunity there, I want to buy it when I see it.”

Buying a home will give them freedom and not just because they will they both be able to move out of their parents’ homes in the Liberal-held seat of La Trobe, in outer-eastern Melbourne.

The young couple’s combined savings stand at $30,000 and they are looking for a home between $500,000 and $600,000 in the capital city’s outer eastern suburbs.

The Australian spoke to the couple leaving an open home at a two-bedroom bungalow in Ferntree Gully, in Liberal frontbencher Alan Tudge’s electorate of Aston, as they sought to get a feel for the market and what they hope to buy in the future.

It was a coincidence that Mr Narayan checked his superannuation balance last week, which is around $15,000.

Under the Morrison government scheme announced on Sunday, he would be able to withdraw up to 40 per cent of the balance to purchase a home, which would need to be returned with a portion of capital gains upon sale.

“I think getting into the property market is pretty important,” Mr Narayan said.

“I’m not thinking about retirement yet or what is in my super, that number doesn’t really matter to me.”

It was too late to change Mr Narayan’s vote, however, as he has already cast his because he will be working on election day.

“I was an early voter anyway so it’s too late,” he said.

Melbourne-based mortgage broker David Thurmond, principal of Mortgage Choice Berwick, is helping the couple get their finance.

He believes the scheme will be beneficial given the deposit is the biggest hurdle for most.

“The facts are if a buyer is only missing savings, I don’t see this as diving into the market too soon,” Mr Thurmond said.

“If they can service the debt, they are good to go.”