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Australians will be given more help to buy their first homes in a budget boost that offers loan guarantees and more scope for people to use superannuation to save a deposit that helps them enter the booming housing market.
First-home buyers will be able to release $50,000 from special accounts within their super funds as long as they are going to live in the properties they buy with the proceeds.
Treasurer Josh Frydenberg will announce measures to help first-home buyers get into the market.
Credit:Alex Ellinghausen
The move increases the maximum withdrawal from $30,000 to recognise the rise in house prices since the scheme began four years ago, amid a political row over whether to use super for housing.