Business
Young and old to benefit from property changes – The Australian Financial Review
The government has revamped schemes to help first home buyers and older property owners make the most of their savings.
The scheme has been criticised for damage it might cause to long-term super savings. Those who make use of it are encouraged to top up their super later.
According to Finder, which monitors fees and rates, a 25-year-old spending $50,000 from a balanced super account with annualised growth of about 6.4 per cent could reduce super savings by about $78,000 at age 65. If this was a high-growth fund (with annualised growth of 9.5 per cent), the final balance would be $228,000 lower.
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