A new report out today from Industry Super shows using super to buy a home will dramatically drive up house prices in Ipswich, the Somerset Region and Karana Downs area.
For years Liberal MPs have been desperately trying to sell the idea that people should raid their superannuation to buy a home. In the last few months rough backbenchers have raised the idea again.
Federal member for Blair, Shayne Neumann said instead of helping Australians buy their first home, it will just make it harder.
“This would be horrific for first home buyers,” Mr Neumann said.
“You don’t make housing more affordable by making it more expensive.”
The report shows home buyers would be $35,000 worse off in and around Brisbane. It proves taxpayers would be worse off, demonstrating that for every $1 taken out early from super by someone in their 30s, taxpayers will have to pay up to $2.50 more in increased pension costs (p6).
“The only winners from this bad backbench idea would be the sellers and the big banks.
“Young homebuyers would have to borrow more money to buy a home and the banks will make money selling bigger mortgages.
“We need to make it easier for people to buy their own home.
“This is not the way to do it”.