Using Super to buy your first Home: By Peter Kelly of Centrepoint Alliance:
For many years, the debate surrounding the ability to access superannuation (super) for the purchase of a home has raged almost unabated. In its 2017 Federal Budget, the government announced its intention to introduce legislation that would allow first home buyers to access part of their super to purchase a home. The proposal is referred to as the First Home Super Saver (FHSS) scheme. The relevant legislation was introduced into parliament in early September 2017 and at the time of preparing this article (late October 2017), the legislation is before the Senate.
In this article, we will consider the mechanics of the scheme and see if it is useful for Australians looking to purchase their first home.