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Hospitality worker to use 40% of super to move into first car

A man who has amassed $3,450 in super over his ten years working in the hospitality industry has welcomed the government’s new super home-buying scheme, saying he’ll finally be able to afford to put a deposit on a second-hand car to live in.

Jake McGuinness, 31, said he’d always dreamed of unlocking his four-figure superannuation nest-egg so he could get a foothold in the secondhand car market.

“I remember getting paid super for a couple of months in 2016, and then again briefly for a job I did in 2019. So I’m sitting on a goldmine really,” he said.

“With this new 40% rule, I’ll be able to unlock just under $1400 – so I’ve got my eye on a sweet one-bedroom 2002 Ford Falcon without an engine”.

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