Despite harsh housing affordability, the Australian Institute of Superannuation Trustees (AIST) is busy warning of potential dire consequences if first home buyers are allowed to use their superannuation for their deposit. Super must always be kept to gain an upper hand during retirement and any other use jeopardises your retirement nest egg, feels Tom Garcia, AIST CEO.
Even if the house deposit takes a minor chunk from the Super fund, it will force you to tread on sloppy grounds once you retire. When Super reaches the 12% level, it will still just about pay for a decent post-retirement living. Reducing that cushion in any way could be abortive.
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