Q: I’d like to get help with withdrawing my super as I’m in financial difficulty and I’m concerned that the bank could foreclose on my mortgage.
I’m sorry to hear that you are having difficulties. The first step in finding out whether you can access your super benefits is to talk to your super fund. Your super fund must check that you satisfy certain conditions before they can release your super funds due to financial hardship. The financial hardship provisions are explained in the article 12 legal reasons to cash your super, and your super fund should also have more detailed information to assist you.
If the bank is going to foreclose on your mortgage, then you may be able to access your super benefits under compassionate grounds. You then must apply to Centrelink. Your fund should also have information on this, and you can find additional information on compassionate grounds on the Centrelink website here.
