Gen Y keen to access super for first home
New research has shown almost half of Gen Y first home buyers want early access to their superannuation or for their employer to salary sacrifice to fund their first home purchase.
Financial comparison website Mozo conducted a survey in September this year, asking first home buyers how they would prefer to fund their first home purchases.
While 49 per cent said they would prefer to save a deposit, 47 per cent were happy to forego their retirement savings.
“It’s clear Gen Y feel it’s unattainable to enter the property market by saving alone, and want the government to seriously consider superannuation as the solution,” said Mozo director Kirsty Lamont.
“It’s really interesting to see which first home buyers would choose when faced with the skyrocketing property prices we’re seeing at the moment,” she added.
The research comes after two senators called for superannuation to be opened up to first home buyers.
Nationals Senator Matthew Canavan questioned why Australians are forced to start saving for their retirement before they can afford to buy their own home.
“At the federal level, we make it harder for young people to buy their own home by forcing them to put 9.5 per cent of their income into a savings account they may not be able to access until they are 65. I wanted a home when I was 25, not 65,” he said.
Independent Senator for South Australia Nick Xenophon announced in July this year he would introduce legislative changes in the spring session of parliament to allow first home buyers to access their superannuation for a house deposit.
“There’s something strange about being able to access your super fund if you are about to default on your housing loan, but you can’t access it to put a deposit on a home in the first place,” he said.