Former treasurer suggests superannuation to homebuyers; AMP chief worries

Font size :
Former Treasurer Peter Costello believes it is high time for the Coalition to look into opening up superannuation to homebuyers, a proposal that the Howard government decided against in the 1990s.

Costello recently told an ABC program that it was “fair enough” to consider the idea again, which has been around for a long time.
 
“Well, look, this idea has been around for a long time …every generation thinks it invented the wheel. But I think they will come to the same conclusion as we did: that if you wanted to top up people's retirement, if you wanted to save the government money ... then you probably won't allow people to draw down on it for housing,” he advised.
 
However, for AMP chief executive Craig Meller, “allowing first home buyers to dip into their retirement savings for property purchases will undermine Australians' confidence in the superannuation system”.
 
Meller argued that while housing affordability and long-term retirement savings were significant issues that needed to be addressed, “solving one by making the other worse doesn't sound like a good outcome”.
 
“At the end of the day, people need certainty given the current environment and the long-term nature of retirement savings,” he told The Sydney Morning Herald.
 
“Continuous change or even talk of change to superannuation undermines confidence in the system.”
 

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Sep 23, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords