Using Super (aka 401k etc.) retirement savings funds to help with buying a property

There's a fresh discussion going on here on Oz about the idea of allowing people to use some of the superannuation money (equiv of the 401k system in the USA) to help with purchasing a property. I've always been very interested in this since while I have a good paying full time job I'm not able to save anything due to imposts of paying child support and rent yet I have a good amount of money in retirement savings accounts (mostly from 21 years working in a state government job until 2007).

There are good points both for and against it. I'm not going to be able to consider buying a place until I'm at least 60 as next year (just before I'm 53) I'll stop paying child support for my now 18 y/o son and will only be paying it for my currently 3 y/o daughter, and that will free up about $400 a fortnight that I can put towards savings.

I don't know how the 401k system works in the USA in terms of whether it has provisions for using funds to assist with purchasing a property should the worker not have one and doesn't have the financial means to create a wealth pool for a deposit or outright purchase.

https://www.smh.com.au/politics/federal/withdrawing-super-for-first-home-a-very-good-investment-says-bernie-fraser-20201123-p56h1e.html

Picklebobble2 · 56-60, M

Given performances of both pension funds and stock markets over the last ten years or more I doubt if most folks pension would cover the average house price.

But people continuously working with no ability to retire thanks to periods of economic shrinking; recession and depression like we currently have, either means house pricing has to seriously plummet or wages have to seriously rise.

Either that or social housing needs to be on a massive scale for generations to come.

zonavar68 · 51-55, M

@Picklebobble2 Social housing aka affordable housing here in Australia is a really big taboo issue.