home building heavyweight calls on federal government to change rules for first homebuyers

Rules need to be changed by the Federal Government to help more first home buyers to save for a house deposit says Managing Director of Australia’s leading construction, property and finance company, the Alcock Brown-Neaves Group (ABN Group).

Dale Alcock today applauded independent senator Nick Xenophon’s call to “change the rules” to allow first home buyers to use money from their superannuation savings for a home deposit.

Many first home buyers will soon be at risk of losing sight of the “Australian dream” of home ownership without intervention from the Federal Government says Dale Alcock.

Mr Alcock said he supported the call to allow young people to access their superannuation, in a similar way to what the Canadian Government has allowed.

“We should be calling on the Federal Government to move quickly and propose legislation to allow the speedy passage of the changes needed and call on the federal opposition to support the change,” Mr Alcock says.

“Given that a vast amount of people’s income goes into superannuation, this suggestion makes absolute sense.”

Under the scheme, first homebuyers are able to access up to $25,000 from their superannuation and has the requisite safe guard in that the money must be paid back over 15 years, Mr Alcock said.

“For young people, currently their superannuation is quite intangible, however by allowing this change, all of a sudden it has great relevance as it allows them to use these "savings” to enter the housing market – which in many ways is a kind of superannuation in any event".