Scott Morrison to let first home buyers use 40 per cent of their super to buy house

First home buyers will be able to dip into their superannuation and use up to 40 per cent of their savings to buy a new house.

Prime Minister Scott Morrison used the Liberal Party’s election campaign launch in Brisbane on Sunday to unveil his ‘super home buyer scheme’.

‘I’m going for a second term because I’m just warming up,’ he said. 

Homebuyers will be able to use up to $50,000, or a ‘responsible portion’, of their superannuation to invest in their first home.

‘We want to further help Australians get past what is the biggest hurdle on their path to home ownership [and] that is the difficulty of saving for a deposit. And being able to use their own money to do it,’ Mr Morrison said.