Mortgage Business
MP quizzes banks on super for housing By Sarah Simpkins 08 July 2021
Liberal MP Tim Wilson has grilled the major banks on what regulatory changes would be needed to allow first home buyers to drain their superannuation for house deposits.
The House of Representatives standing committee on economics has released the responses of a number of banks to a question from Mr Wilson, around raiding superannuation savings to purchase a home.
Mr Wilson, who is chair of the committee, has previously rallied for early access of superannuation savings for first home buyers, to place towards house deposits – despite Superannuation Minister Jane Hume denying the government would consider implementing such a measure.
SMSFs planning to enter into a building contract for their properties have been warned of potential clauses that may cause serious contraventions of super laws.
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