Accessing retirement savings won’t fix Australia’s housing affordability

With the Australian Federal Budget being announced tonight one of the hot topics over the past few months Using retirement savings to fund a home deposit is not the answeris around housing affordability in Australia.

The median house price in March 2017 according to CoreLogic is $585,000 based on averages across the main Australian capital cities.

With Sydney coming in at a whopping median price of $805,000.

There is no doubt that the great Australian dream of owning your own place is getting harder for first home buyers.

So it being on the political agenda is no surprise.

Accessing Super for a deposit

An idea that has been floated around the past few months in the media is to allow first home buyers to access what they have in their Superannuation to contribute to a house deposit.

Basically it is reducing someone’s retirement savings by allowing them to invest in buying their first home.Continue Reading →