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ISCOVER
Staff Reporter
1300HomeLoan is urging the federal government to change the rules governing compulsory superannuation so that Australians can use their super for a first home deposit.
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According to the company’s managing director John Kolenda, new rules could be modelled upon the Singaporean system which has lifted home ownership there to 90 per cent of people compared to just 66 per cent in Australia.
“At the moment we are making it harder than it needs to be for first home buyers to get a roof over their heads because we are forcing them to save 9 per cent of their income for super before they can even start saving money for a home deposit,” Mr Kolenda said.
“It is ridiculous to make someone who is just starting out in life save for their retirement before they have even secured a home, especially when you consider that owning your own home is one of the greatest protections against poverty in old age anyway.”
