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Almost half of young Australians want superannuation or salary rules to change so they can enter the housing market.
A survey of 319 Australians aged 18–34 found that 27 per cent want to be able to fund their first home by having their employer divert their super contribution into a salary sacrifice.
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The survey by comparison website Mozo also found that 20 per cent of the Gen Y respondents would like to draw on their existing super balance.
According to the survey, 22 per cent would like to be able to use a 100 per cent LVR mortgage to enter the market.
Mozo also found that 49 per cent plan to fund their first property through saving, while eight per cent intend to negotiate an early inheritance from parents.
Director Kirsty Lamont said “skyrocketing property prices” are placing Gen Y Australians in a difficult position.
“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,” she said.
However, Ms Lamont said first home buyers would not solve all their problems by gaining early access to their super.
“First home buyers need to consider stamp duty, mortgage interest, property maintenance costs and making up for the lost returns your super could have earned,” she said.
“With this seemingly quick fix, what’s also lost is the important discipline of regular savings, which can become a harsh reality when the mortgage repayments start.”
[Related: Parliament to debate first home buyer superannuation plan]
