With house prices in Australia a constant concern for potential first-home buyers, it’s probably little surprise that nearly half of them would want to be able to access their superannuation or have salary rules changed so they could enter the market.
In a new survey of 319 Australians aged between 18 and 34, it found 27 per cent want the option of funding their first home by having their employer divert their super into a salary sacrifice.
The survey was by comparison website Mozo and also revealed that 20 per cent of respondents would like to be able to use their existing super balance.
Other interesting findings were that 49 per cent plan to fund their first home purchase by saving, and 8 per cent planned to negotiate an inheritance from their parents.
The survey also found that 22 per cent of people would like to be able to use a 100 per cent loan-to-value mortgage to help them enter the property market.
Mozo director Kirsty Lamont said accessing their super was not a quick fix that would solve all aspiring first-home buyers’ problems.
“It’s clear Gen Y feel it’s unattainable to enter the property market by saving alone, and want the government to seriously consider superannuation as the solution,” she told The Adviser.
“First-home buyers need to consider stamp duty, mortgage interest, property maintenance costs and making up for the lost returns your super could have earned.”
“With this seemingly quick fix, what’s also lost is the important discipline of regular savings, which can become a harsh reality when the mortgage repayments start.”