Scott Morrison Announces New Coalition Barrier-Breaking Housing Plan

Prime Minister Scott Morrison has announced the next stage of the Coalition’s plan to help Australians become homeowners: through retirement.

“We want to further help Australians overcome the biggest hurdle on their path to home ownership,” Morrison said on Sunday.

“We started this process with the Home Guarantee Plan.

“The difficulty is saving for a deposit.

“A re-elected coalition government will allow first-time homebuyers to invest a responsible portion of their own retirement savings in their first home.”

Morrison said the change would apply to both new and existing homes.

“Any amount that is invested will be returned to your super when you sell the house, including the portion of the capital gain from the sale of that house,” he said.

“The maximum amount that can be invested in this plan is the lesser of $50,000, each individual, or 40 percent of your total retirement balance.”

Morrison stressed that the evidence indicates that the best thing the government can do to help Australians achieve financial security in retirement is to help them own a home.

“Other countries like New Zealand and Canada also have policies that allow people to use their retirement savings to help them buy their home, and under Morrison’s government, you will be able to do that too,” he said.

Morrison delivered the comments at the official Liberal Party campaign launch in Brisbane on Sunday.

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