ASFA research finds that withdrawing entire superannuation savings doesn't cover home deposits for most young couples in Sydney and Melbourne.
New research by the Association of Superannuation Funds of Australia reveals draining entire superannuation savings wouldn't cover most young couples' home deposits in Sydney or Melbourne. Despite declining home ownership rates among young Australians, the federal opposition has proposed allowing Australians to withdraw up to 40% of their retirement savings for a first home. According to the report, even the wealthiest young couples in Sydney couldn't raise more than $150,000 from their super for a 20% deposit on a median apartment, and in Melbourne, only the richest 20% of households could do so.
March 24, 2024
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