The proposal would establish the Super Home Buyer Scheme. The scheme would allow eligible individuals to access $50,000 of their superannuation (up to a cap of 40%) to buy their first home.

Eligible individuals are first home buyers who would be required to:

• Be an owner-occupier of the property for at least 12 months following the purchase.
• Provide a deposit of at least 5% of the property purchase price excluding the amount withdrawn from superannuation.
• Return the withdrawn funds, including any proportional capital gains or losses, to their superannuation upon disposal of the property. These funds would not be included in the annual superannuation contribution thresholds.

The scheme would apply to both new and existing homes. The scheme would be accessible in conjunction with existing first-home-buyer schemes, such as the Home Guarantee and First Home Super Saver Scheme.

There would be no income or property price thresholds under the scheme.

Couples would be assessed individually. Any member of a couple who is a first-home buyer can access the scheme, even if their partner is not a first-home buyer. However, only an eligible member of the couple may access their superannuation.

The proposal would start on 1 July 2025 and be ongoing.