A super idea for the benefit of first home buyers.

Independent Senator for South Australia Nick Xenophon is far from being a one issue politician suggested by the title ” No Pokies Party”.

He is renowned for having sensible positions on the issues of the day, for his integrity, and for championing the causes of ordinary Australians. Now known as the ”

Nick Xenophon Group” his website documents his political views and positions:

http://www.nickxenophon.com.au/

 

 

http://www.aph.gov.au/Senators_and_Members/Parliamentarian?MPID=8IV

Adelaide born, 55-year-old Nick Xenophon was educated at Prince Alfred College, and the University of Adelaide, graduating with a Bachelor of Laws in 1981. He has his own law practice at Paradise, an inner Adelaide Suburb. He has endeared himself to South Australian voters with his unpretentious honest approach, gaining election first to SA’s Legislative Council in 1997 where he served for a decade. South Australians were disappointed when he resigned from SA politics to seek and gain election to the Federal Senate in 2007 with 20% of the Senate vote.  This lead increased in the 2013 Senate election when he gained an amazing 24.9% of the vote, just short of a quota for a second Senate position.

Xenophon now shares “the balance of power with a record crossbench of 18 – the Greens on 10 seats, Palmer United on 3 seats, with other minor parties and independents on 5 seats – the LDP‘s David Leyonhjelm, Family First‘s Bob Day, Motoring‘s Ricky Muir and incumbents Xenophon and the DLP‘s John Madigan. Muir will vote in line with Palmer United. The Coalition government will require the support of at least 6 non-coalition Senators to pass legislation. http://en.wikipedia.org/wiki/Nick_Xenophon

 

A proposal to increase home ownership by young Australians

His most recent proposal is one deserving of careful consideration by the Federal Parliament. If implemented it would be of most value to those under 40 whose present compulsory Superannuation Guarantee Payments are eroded by inflation, and are quarantined probably until they turn 70. It would increase the level of home ownership.

His suggestions are to be found on his website. The following news release is from the Business Insider: http://www.businessinsider.com.au/nick-xenophon-wants-the-rules-changed-so-young-home-buyers-can-use-retirement-savings-2014-7

Independent Senator Nick Xenophon wants the rules changed to allow first home buyers to pull money from their superannuation savings for a house deposit.

The South Australia Senator says a scheme now operating in Canada, allowing up to $25,000 to be accessed, has lead to improved housing affordability. In Canada the amount has to be paid back into the super fund within 15 years.

“With more and more Australians finding it difficult to break into home ownership, adopting the Canadian scheme would make a difference to many thousands of Australians each year,” he says.

He will introduce legislative changes in the Spring session of federal parliament.

In Australia, first home buys are being squeezed investors, local and foreign, and a two-year run in rising prices.

House prices are way above historical averages, according to a report by the International Monetary Fund which places Australia third among developed nations on the ratio of house prices to incomes, and fifth on house prices to rents.

A Senate Economics References Committee hearing in Adelaide today was told by HomeStart Finance, an arm of the South Australian Government, there’s something strange about being able to access a super fund if you are about to default on your housing loan, but you can’t access it to put a deposit on a home in the first place.



Categories: Financial News, National issues, Super Sense, Superannuation

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  1. A geriatric view of superannuation. | Technically Speaking

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