List of recommendations

Recommendation 1

7.10The committee recommends that first home buyers be allowed to withdraw their superannuation contributions for use towards a home deposit, without a withdrawal percentage threshold and with consideration given to the following withdrawal cap options:

(i) maximum withdrawal cap of $100 000;

(ii) maximum withdrawal cap of $150 000; or

(iii) no maximum withdrawal cap.

Recommendation 2

7.11The committee recommends that buyers who have used a superannuation for housing withdrawal scheme and subsequently sell their first home be required to recontribute the withdrawn amount into their superannuation account, including a share of any capital gain, within 12 months, unless they wish to use the proceeds of that sale to purchase their second home, provided they intend to live in that home, within 12 months of the point of sale.

Recommendation 3

7.16The committee recommends the Australian Government facilitate changes to enable Australian Prudential Regulatory Authority to produce draft prudential regulatory standards pertaining to a superannuation shared equity scheme for housing.

Recommendation 4

7.22The committee recommends that the Australian Government streamline the application process for the First Home Super Saver Scheme.

7.23The committee recommends that the Australian Government abolish the contribution and withdrawal caps for the First Home Super Saver Scheme.

Recommendation 5

7.28The committee recommends that first home buyers be allowed to use their superannuation balance as collateral for a first home loan.