Super co-contribution >if you earn less than a certain income per year and make a voluntary after-tax superannuation contribution the government will match your contribution by 50c for every $1 (up to a $500 co-contribution) ato.gov.au/individuals/super/in-detail/growing/super-co-contribution/
So basically you can put your money in a tax-free savings account and withdraw it to pay for your first house and, if you're poor, the government will even pay you money to do this. Thoughts?
50% government matching up to $1000AUS in a 401k/IRA equivalent? And then you can rollover the balance to buy a house? Sounds nice, in USA we have a system called ROBS (roll over business start-ups) that allows you to use your retirement fund to invest in the share of your shell company and use the money to buy or start up a business (you can pay yourself manager salary, but end-of-year profits belong to your retirement account, which has its own withdrawal rules). Very risky to do in most cases but it's nice to have the option.
Jacob Perry
there is nothing better for a government than a populace working their entire natural life just for shelter through the mechanism of inflation
The government is tempting desperate millennials to buy at the top of one of the most overheated housing markets ever. Like lambs to the slaughter
Connor Morgan
I don't like that part either, I wouldn't get suckered into it, sounds a lot like mortgage interest deductions from federal tax in USA as an incentive to get people to buy houses. Can't lead to anywhere good. All I meant is that its nice to have free retirement matching
Parker Bailey
If you have an equivalent amount of money in index funds and intend to buy a property in the relatively near future then it's not a bad idea.
Co-contribution is bugger all and most people considering it won't qualify due to income threshold.
I'm concerned the govt might apply retroactive changes so that money is stuck in super until you retire. And if that happens there'll probably be a rush to purchase which means you'll be paying more than you should.
Jose Myers
It's legal for the Australian government to make you take a haircut by confiscating your money in the event of another GFC. It will apply to accounts with more than 100-150k in value
Blake Foster
yeah sounds great, cant wait to contribute my retirement savings to propping up a massive bubble along with some boomers fortune
Grayson Green
The super contribution level is low as fuck now. Unless you're on centrelink or working casual at uni you won't qualify.
Jose Foster
Op sign before June 30 and you’ll get 20k first home buyers grant.
Matthew Cruz
And what is your way around this exactly?
Jose Garcia
Gold and silver and cryptos. The fact that the govenrment needs to FORCE people to put into super is proof they need goyim to constantly work to sustain boomers.
Grayson Flores
doing whatever they can to get new buyers into the market and prop up the bubble literally "buy my bags"
Brayden Flores
First Home Super Saver Scheme, First Home Owners Grant and all the tax concessions and incentives for property are just window-dressing.
The only affordability measure that matters is the market price of property. Genuine affordability by definition means vendors accepting less for their property.
Aaron Collins
Seriously? Why would rich people even use banks
Colton Flores
You are 100% but a man needs a home
t. homeless man
Daniel Sanders
has anyone tried living in like a 16 sqm office? they go for cheap to buy outright in melbourne CBD... or will the rates kill you
Sebastian Garcia
I bought a house in north brisbane for $335k. 3 bedroom 400m2 land, 150m from ocean. I think the bubble is only a bubble in sydney and melbourne.
