Family First Housing Affordability Policy

Submitted by Editor on Sat, 25/09/2004 - 21:45

Quote: Superannuation to be accessed by first homebuyers
Policy backed by one of Australia's largest home builders

The Family First Housing Affordability Policy is to allow First-Home buyers to be able to purchase their first home with a 'withdrawal' from their superannuation funds. "This policy will assist thousands of young couples to be able to enter home ownership much easier, and should be adopted in Australia" states Peter Harris, Federal Party Chairman "The average home price is now beyond most couples - especially in Sydney. Couples are working harder than ever, with their working hours being dictated to by the size of their mortgage. This is a proven strategy in a number of other countries." 8)

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Matt Burnet
mattb@familyfirst.org.au
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Sunday 27, September 2004

HOUSING AFFORDABILITY POLICY

Superannuation to be accessed by first homebuyers

Policy backed by one of Australia's largest home builders

The Family First Housing Affordability Policy is to allow First-Home buyers to be able to purchase their first home with a 'withdrawal' from their superannuation funds. "This policy will assist thousands of young couples to be able to enter home ownership much easier, and should be adopted in Australia" states Peter Harris, Federal Party Chairman "The average home price is now beyond most couples - especially in Sydney. Couples are working harder than ever, with their working hours being dictated to by the size of their mortgage. This is a proven strategy in a number of other countries."

"This policy will reduce the amount of interest payable to banks, as young people end up paying up to 3 times the principal amount of a loan in interest payments over the life of a loan. It will end up with people owning a home earlier, rather than paying interest to the banks for a longer time." states Peter Harris

Family First believes that some measures should be established to prevent abuse of such a scheme.

Bob Day, Managing Director of Home Australia and National Vice President of the Housing Industry Association endorsed this policy when speaking recently to the Housing Industry. "Young people and low-income earners forfeit a portion of their wages into superannuation funds over which they have no control which makes it much harder for them to save for a home deposit. Their superannuation contributions are taxed on the way in, on the way up and on the way out." Mr Day says. "A solution for first home buyers is the unlocking of individual superannuation accounts for a deposit on their first home."

When Family First has Senators elected on October 9th, we will pressure whichever party is in Government to adopt this policy.

We believe that every Australian should have access to the Great Australian Dream of owning their own home - not just the rich.

"Home ownership should be the expectation of the many, not the privilege of the few" Mr Day said.

Queensland
Mark Badham
Ph 0412 234440

South Australia/NT
Darryn Keneally
Ph 0410 553 111

Tasmania
Lance Bergman
Ph 0409 502 895

Victoria
Steve Fielding
Ph 0425 761 763

New South Wales
Roz Trestrail
Ph 0402 255 773

Western Australia
Peter Greaves
Ph 0412 165 096

www.familyfirst.org.au

Written and authorised by Chris Baker Shop 4, 999 Lower North East Road, Highbury SA 5089 ph: 08 8368 6104

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