While many Australian’s sit firmly on either side of the first home super scheme debate, the Lower House has passed the scheme.
The scheme was proposed in the Budget released in May 2017 and was only just passed by the Lower House. The Government has notioned that Australia’s retirement savings system will not come under threat by allowing first-homebuyers to use their superannuation funds to save for a house deposit.
The measure was passed with the strong backing of the Coalition, even though it is heavily opposed by Labor and the Greens. The opposition claims the scheme will not make housing more affordable, which is a key issue in the property market today, with record low numbers of young people entering into the property market.