Budget 2017: First-home buyers can tap up to $30,000 of super savings

Although not yet legislation, from 1 July 2018 first-home buyers will be allowed to use up to $30,000 of voluntary superannuation contributions to place a deposit on a house or apartment in an effort to help young people gain a foothold in the property market.

In a measure expected to cost the federal government $250 million over the next four years, first-home buyers will be allowed to withdraw any contributions beyond the 9.5 per cent super guarantee to buy property.

They will be able to withdraw a maximum of $30,000 of contributions, plus the earnings generated from those savings, from 1 July 2018.  Contributions can be made from 1 July this year.