Is tapping your super to buy a first home a good idea?

being fought to make property more affordable for first-home buyers by giving them access to their superannuation for a house deposit.A feverish property market recovery has resulted in forecasts for house prices to rise 14-15 per cent over the next two years in our major capital cities.

“The young couple who win the auction end up paying more, have less super and probably a bigger mortgage.“ Right now, the investor couple often wins the auction hands down. However, armed with cash from their super, the playing field would tilt back towards the first-home buyers. The opposition’s proposed alternative – getting rid of stamp duty on property – is important for other reasons and might make housing more affordable. However, it does nothing to tip that balance between first-timers and investors.

Can I use my super to by my first home tho?

Interesting. But if you are in a bidding war then you’ve already lost. Secret is disallow auctions if you want to keep housing at a reasonable price. You’ll never win a bidding war against foreign investment!

Capital gain far outstrips superannuation!

No.

To level playing fielding, government should make home buyers' interest payment tax deductible, same as investors. Investors are more competitive at auction because they have rental income and negative gearing.

If you’re selling to someone who tapped their super then it’s a good idea.

Interesting. Housing is used as a bond for nursing homes when owner gets older. Then if house has to be sold then proceeds used to fund nursing home or rent used to fund nursing home. So using super to buy a house is helping gov have cheaper costs funding older ppl later.

House? yes. apartment units? hell no

Definitely not but some people are too desperate to understand this. Also, we do have the FHSS scheme in Australia. Aus does a lot to help first home buyers.

No, but many will

No. But tapping it to buy Bitcoin then selling it later to buy a better home is

I’m not so sure about this. 1st due to the actual costs/amount available & 2nd due to the PM saying that the pension isn’t guaranteed which suggests that people may end up selling their houses to live in retirement

Never should have been allowed. Some people can't even get their super if they have terminal cancer. Spoilt rotten generation.

Hell no

What the public thinks is a moot point. It depends on whether or not the govt thinks it will push prices higher. They are already leaving the burden of deficits to future generations so why not add old age pension shortfalls.

Presents a false choice between super and housing; coming down on the side of using super to 'help' first home buyers vs investors. When you could have both super and housing by taking away the 'stacked deck' favouring the investor. Negative Gearing and CGT concession.

Id love to access my super for a house and house only

yeah nah its not a good idea

Yes.

just stop it

Why are they flogging a lie

How is handing over my retirement savings to people who are already in the property market a good idea?

No.

No

No need to read the article. Yes. You’re welcome.

A morning AND an evening edition? MY ACCURATE REPLY STILL STANDS. LNP, PLEASE STOP TRYING TO RAAPE POOR PEOPLE'S SUPER.

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Is tapping your super to buy a first home a good idea?As property prices resume their meteoric rise, many first-time buys are being left behind. This article is actually an argument for why we should limit negative gearing. NO. You’re welcome Sydney melting Harold If we got rid of NEGATIVE GEARING & the Boomers wern't sitting on all those properties artificially inflating the price of real estate-maybe we wouldn't be having this conversation? How about a TAX on 2nd 3rd 4th properties? HOUSES are for SHELTER, not for wealth accumulation!
Source: smh - 🏆 6. / 80 Read more »

ADF chief Angus Campbell tells cadets to avoid being ‘prey’ to predatorsThe nation’s top military officer said the cadets needed to not fall victim to the “Four A’s”: alcohol, out after midnight, alone and attractive. Gallo_Ways Sounds like he's telling only one gender of cadets this. Gallo_Ways In other words, “there are some bad people out there. They shouldn’t assault you but some people will, regardless of what they should or shouldn’t do. So take that into account and take some basic steps to stay safe from them.” Probably good advice for warfighting too. Gallo_Ways So if he told cadets about ways to avoid becoming the victim of a terrorist group that would be victim blaming? I would say he sees it as his job to act as in loco parentis for young cadets who like all young people will do risky things and drink too much at times.
Source: smh - 🏆 6. / 80 Read more »

Should women tap into their own super to escape domestic violence? Here's why some people think it's a bad ideaA plan floated four years ago to help women flee violent situations is back in the spotlight, but some vocal criticism has forced the government to review the idea. So, what is it and why aren't people on board? Super it’s your $ Super 33% of your $ Goes into fees & Who wants to give away 33% of their $ Do they have to? There are multiple public and private organisations that help women escape domestic violence. In saying that if there is no help available then for sure tap into your super, what ever it takes to be safe. 👍 There should be an emergency government fund that can be accessed
Source: abcnews - 🏆 5. / 83 Read more »

First-home buyers get budget help to enter skyrocketing marketAustralians will be given more help to buy their first homes in a federal budget boost that offers loan guarantees and more scope for people to use superannuation to save a deposit. | CroweDM CroweDM This will make house prices skyrocket and decimate super. auspol CroweDM Business received tax cuts and other assistance but their prosperity did not flow on to workers (nil wage growth and under employment) so government need focus their programs directly on working people ? CroweDM Pumping super into the housing market is a bloody stupid idea, this won’t increase access just house prices - see this for what it is; an attack on workers unions AND we need to fight back ausunuons
Source: theage - 🏆 8. / 77 Read more »

NRL star Latrell Mitchell buys parents dream homeRabbitohs superstar Latrell Mitchell has lived every young football players’ dream by gifting his parents a $1.8 million surprise. I can’t see his parents keeping this beautiful home in its current state. Hope he’s organised a cleaner and grounds man Great gift to your parents
Source: newscomauHQ - 🏆 9. / 77 Read more »