Treasury has released a draft legislation for the use of superannuation savings to alleviate housing affordability pressures.

The new First Home Super Saver Scheme will allow first-home buyers who make voluntary contributions into super to withdraw some of those contributions to put towards the purchase of their first home.

Other legislation is aimed at the downsizers market, and would allow over-65s to add $300,000 from the proceeds of the sale of their home into their superannuation account, regardless of contribution caps.

Malcolm Gunning, president of the REIA, told SCHWARTZWILLIAMS the changes to superannuation aimed at alleviating housing affordability pressures are a step in the right direction, but on their own will not fix the nation's affordability problems. But combined with other changes, such as broadening stamp duty concessions in New South Wales, tightening of foreign buyer rules, as well as APRA's clamp down on investor lending, will together go some way to improving the situation, he said.

The new changes are expected to come into effect on 1 July 2018. The legislation is available for review, and the government is calling on submissions from the public.

Click here to review the legislation and make submissions via the Treasury web site.

The closing date for submissions is 4 August 2017.

Read more about budget measures targeting housing affordability:

Housing measures in the 2017 Budget

Real Estate Institutes back budget's focus on housing affordability

Investors can now have their say on proposed depreciation changes