Can I use my super for a house deposit?

Q: I am 56 and wish to purchase a property as my residence (as opposed to investment). Is it possible for me to access a portion of my super for a house deposit?

The answer to your question is no, although there is a recently introduced policy that allows you to save for a house via a First Home Savers Account within your super fund. Note that not all super funds offer this type of account. You can find out more by clicking on this link.

Also, anyone currently aged 55 or over can start what is known as a transition-to-retirement-pension (TRIP) and access up to 10% of the pension account balance each year.

The following SuperGuide articles should also assist you:

• Free cash: Renovating the First Home Savers Account
• Pensions: Starting a TRIP takes planning
• Accessing super early: 12 legal reasons to cash your super
• Accessing super early: 14 popular Q and As

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