Experts believe funding first home purchases with super is “irresponsible”
Using super for property investment may soon be a reality.
A panel of economists and market experts insist first home buyers in Australia should not be able to access their superannuation to finance their property purchases, labelling this practice as "irresponsible".
As part of finder.com.au's ongoing RBA cash rate survey, the majority (80%) of panellists frowned upon the notion of first home buyers drawing from their superannuation to fund property purchases.
There has been much hype surrounding the possibility first home buyers could be allowed to access their super to obtain a deposit. The policy may be included in the highly anticipated upcoming federal budget.
A similarly high proportion (61%) of those surveyed believe some new owner occupiers and investors may have overborrowed in the current low-interest market, particularly in Sydney and Melbourne.
The overwhelming majority of panelists (97%) were also confident the cash rate will hold at 1.5% for April 2017, while most (86%) think the next move will be a rise.
Here's what some of the panel's leading experts and economists had to say:
Find out if you're eligible to receive a first home buyers grant using our informative state-by-state guide.
Buying your first property can be an overwhelming. Use these 8 tips to buy your first home the right way.