Money

Should you use your Super to buy a home?

Published

3 years ago

July 11, 2023

The controversial decision to allow home buyers to dip into their super sparks debate

The unexpected success of the First Home Super Saver scheme (FHSS) presents a dilemma for the government, which has been resistant to utilising superannuation to support home ownership.

Recent figures obtained from the tax office reveal a significant surge in support for the scheme, with over 43,000 individuals applying to use their super tax concessions to purchase their first homes.

Initially, the FHSS scheme struggled to gain momentum, attracting a mere 2,000 users in its early months, prompting the Australian Labor Party (ALP) to propose its termination in 2019.

However, the scheme has since overcome obstacles and gained traction, enabling first-home buyers to save for property deposits by benefiting from reduced taxation within their superannuation accounts.

Despite the demanding requirements initially imposed by the Morrison government, younger Australians have embraced the scheme, using their superannuation savings to realise their homeownership aspirations.

In the 2022 financial year alone, 12,460 individuals requested FHSS releases, totalling $167 million.

As a result, the FHSS scheme has become a crucial component of the mortgage finance system, frequently recommended by advisers, particularly to high-income couples with the means to make voluntary super contributions.

The government now faces the challenge of reconciling its reluctance to leverage superannuation for home ownership with the scheme’s growing popularity and its integration into the financial landscape.

Related Topics:Featured housing superannuation

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7 hours ago

January 30, 2026

Harvey Vargas

US dollar weakens as Trump comments; Australian dollar gains from commodity prices and RBA rate hike expectations

The US dollar is coming under pressure as the economy remains strong and President Trump comments on its decline. We explore how this is impacting major currencies around the world and what it means for investors.

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Money

Wall Street slides as AI spending raises investor concerns

Wall Street dips as AI spending scrutiny rises; Microsoft struggles while Meta thrives. Tune in for insights!

Published

9 hours ago

January 30, 2026

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Wall Street dips as AI spending scrutiny rises; Microsoft struggles while Meta thrives.

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Money

Tesla brand value plummets amid Elon Musk’s political focus

Tesla’s brand value plummeted to $27.61 billion in 2025 amid Musk’s political shift, sparking investor concern.

Published

2 days ago

January 28, 2026

Harvey Vargas

Tesla’s brand value plummeted to $27.61 billion in 2025 amid Musk’s political shift, sparking investor concern.

Tesla’s brand value plummeted by $15.4 billion in 2025, falling to $27.61 billion from $66.2 billion in early 2023. Analysts say Elon Musk’s political focus and a slowdown in new models have distracted the company’s core business.

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