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The Coalition has pledged to allow first home buyers to access their super early to help fund their home ownership dreams.
Opposition Leader Peter Dutton has vowed to fix the Australian housing crisis and “restore the dream of home ownership” if his party is elected in the upcoming federal election.
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Speaking at a Coalition rally in Victoria, the Opposition Leader reaffirmed the party’s intention to let first home buyers withdraw $50,000 from their superannuation to purchase their first property under a Coalition government.
“Today, home ownership is beyond reach for too many,” Dutton said.
“Entering the property market shouldn’t be limited to those who can rely on the bank of mum and dad.”
According to the Australian Bureau of Statistics, in September 2024, the national level of loan commitments for owner-occupier first home buyers fell to 3.2 per cent to 9,686, which is still 2 per cent higher than a year earlier.
The drop was attributed to increased home prices, higher costs of living, and more competition in listings.
Dutton also extended the policy pledge to separated women who would also be able to withdraw their superannuation.
The announcement follows the Coalition’s ideas to put Australia “back on track” and reduce the housing crisis through reduced immigration and better infrastructure access.
The Opposition Leader said his intention to reduce immigration numbers by 25 per cent for two years and set stricter caps on foreign students to “relieve stress on city rental markets”.
“Using these levers, we will free up more than 100,000 homes over five years,” Dutton said.
Additionally, the Coalition pledged $5 billion to support the construction of essential infrastructure, such as water, power, sewerage, and access roads, for new housing.
“This funding will get stalled projects off the ground. And we’re confident we can unlock up to 500,000 homes,” Dutton said.
You can find out more about Liberal’s intentions to address housing affordability, in this podcast with the shadow financial services minister and shadow assistant treasurer of Australia, Luke Howarth MP.
Tune in to learn why the party would reduce immigration, enable superannuation withdrawals for first home buyers, and tweak serviceability buffers to improve housing affordability, plus much more:
This article was originally published on Real Estate Business.
[Related: Shadow financial services minister reveals how the Coalition would improve housing affordability]
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