Home ownership is one step closer for thousands of first home buyers who will be able to use their superannuation to get into the property market.

Federal Member for Hinkler Keith Pitt welcomed the announcement of the Super Home Buyer Scheme which will enable first home buyers to invest up to 40 per cent of their superannuation, up to a maximum of $50,000 to help with the purchase of their first home.

“This scheme will give buyers access to their money, to their superannuation, to buy their first home,” Mr Pitt said.

“Unlike the Labor party’s housing policy where Anthony Albanese and the government would own part of your home.

“The Super Home Buyer Scheme will reduce the time taken to save a deposit by three years, on average, which will see more people into their own homes sooner.

“The scheme builds on the success of HomeBuilder and the Home Guarantee Scheme which has seen thousands of Australians become homeowners.”

The scheme will apply to both new and existing homes with the invested amount to be returned to their superannuation fund when the house is sold, including a share of any capital gain.

The Super Home Buyer Scheme will start by 1 July 2023.

There are no income or property caps under the Super Home Buyer Scheme with eligibility restricted to first homebuyers who must have separately saved five per cent of the deposit.

Over the last three years, the Coalition Government’s housing policies have supported more than 300,000 Australians into home ownership.

Under the Liberal and Nationals plan, the Home Guarantee Scheme will next year help 50,000 Australians into a home, including 10,000 places for new homes in regional Australia and the First Home Super Saver Scheme is already helping Australians make voluntary savings to put towards their first home.