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Coalition floats idea to super-charge home loans
- On Tuesday, Shadow Housing Minister Andrew Bragg floated a proposal to use superannuation as collateral for mortgages or to increase loan sizes, aiming to assist Australians in achieving home ownership without necessarily draining retirement savings.
- The proposal enters a three-way political battle between the Coalition, Labor, and One Nation, as Bragg seeks to address the growing number of Australians facing the prospect of becoming 'forever renters' in retirement.
- Reserve Bank economist Peter Tulip gave 'qualified support' to the collateral concept, calling it a 'clear improvement' over government schemes that encourage risky borrowing by targeting five per cent deposits.
- Treasurer Jim Chalmers rejected the plan on Tuesday, stating that allowing early access would be 'devastating for people's retirement incomes' and arguing superannuation should remain dedicated to retirement security.
- While the Coalition has not adopted the collateral plan as formal policy, Bragg argued that home ownership must take precedence as a primary economic interest for retirement alongside the $4.8 trillion superannuation savings pool.
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15 Articles
Coverage Details
Total News Sources15
Leaning Left6Leaning Right5Center3Last UpdatedBias Distribution43% Left
Bias Distribution
- 43% of the sources lean Left
43% Left
L 43%
C 21%
R 36%
Factuality
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