Q: I’m inquiring for my son who is unemployed and on Centrelink benefits. He is finding it difficult to pay his mortgage. Can he access some of his super to make payments on the house while he is unemployed as he does not want to lose his house he has had for the past 12 years?
An individual may be able to access super benefits due to severe financial hardship when they are on Centrelink benefits (apply via your super fund).
An individual may be able access super benefits on compassionate grounds if a bank is about to foreclose on the property. You must apply to Centrelink, and you can find additional information on compassionate grounds on the Centrelink website here.
Whether an individual can access super benefits early will ultimately depend on whether the super fund permits such access.
You can find a more detailed response in the articles listed below, including similar questions to your own:
- Accessing super early: Unemployed and in financial hardship
- Accessing super early: 12 legal reasons to cash your super
- Super for beginners, part 12: I claimed my super due to hardship. Why do I have to pay tax?
I hope everything works out.
