#EveryoneNeedsaPlan to Maximise All Financial Resources for the Deposit for the First Home

For many young Australians it is difficult to meet the increasing costs of living and also save for a deposit to purchase their first home.  The Federal government at least now is beginning to understand this issue and a recent parliamentary enquiry has made some interesting recommendations to help first home buyers with their deposit.

One of the key recommendations from the committee was to allow first home buyers to use their Superannuation investment as security for the first home.  This is an alternative to the strategy of saving for a deposit inside Superannuation and then withdrawing those monies, effectively reducing the retirement savings.

Whilst this strategy is a recommendation only by the committee, and not legislated, it is worthwhile noting that the federal government is aware of the increasing difficulty for first home buyers and they are trying to do something about it.

GDM has over 30 years experience in all things financial, including mortgage finance for first home buyers, so do not hesitate to contact us and arrange your free initial appointment to discuss your requirements.