Media Coverage: First Home Super Saver Scheme changes – Australian Broker

The federal government has stepped in to improve the flexibility of the First Home Super Saver Scheme as demand wanes among first home buyers.

Intended to allow first home buyers to make voluntary contributions to their superannuation and release these savings, with associated earnings, for a home deposit, the government has passed legislation to address “significant pain points” in the scheme.

“Whilst I agree with it in theory because of the behaviour it encourages, you are somewhat at the peril of the investments that the superannuation fund is made up of,” said Adele Andrews, Director, Australian Property Home Loans.

“I love the idea of young people putting away extra money into an account consistently – whether it be towards their superannuation or another account – with the view to purchasing a home, but I think that if that same level of discipline can be applied to another channel, the outcome may be more beneficial.”

Read the full article here from Australian Broker.