Many Australians are facing hard times but mortgage repayments and everyday living expenses continue even when you lose your job, or suffer illness or other misfortune. We have received many emails from readers asking when, and how, you can claim your super benefits, including whether you can … [Read more...]
Q: I’m 24. I am currently paying off my house but I have a loan which a debt company bought off the bank. They sent me a letter of demand saying I have until the end of the month to pay the amount or they are going to take my house. Is there any way I can take out my super to pay that so I don’t … [Read more...]
This article answers two questions from readers about whether you can access your super benefits early to pay for heart surgery (Question 1), or to pay for weight loss surgery (Question 2). Accessing super early for heart surgery Q1: I am 52 years old. I’m having heart surgery and won’t be … [Read more...]
Q: I have a tenant who is about to be evicted from their rental home. He has a small super benefit. Can he access that under the ‘severe financial hardship’ rules? A: I’m sorry to read about your tenant. I’m not aware of the full circumstances of your tenant’s situation but if he is … [Read more...]
Q: I’m 30 years old. Last year I claimed $5,000 of my super due to financial hardship – I suffered illness, and was not able to work. I only received $3,950. Will I get the balance back, since I haven’t worked since then? Unfortunately, when you access your super benefits before the age of … [Read more...]
Q: I owe approximately $190,000 to the bank on my 2-bedroom unit, and I would like to know if I can invest my $60,000 of super into the unit to reduce my mortgage repayments to the bank? Superannuation is subject to special access rules called preservation. What this means is that you cannot … [Read more...]
Q: I have a large amount of debts totalling $25,000, and I have no assets. My income is average and my super balance is above $50,000. I would like to withdraw half of my super to pay off my debts. I’m 36 and my debt is crippling me and my future. Can this be done and how? I’m sorry to read … [Read more...]
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 … [Read more...]
Q: I am short on funds and looking for a job. Can I apply to use some of my super to pay bills? I'm sorry to read about your financial situation. If you look at the severe financial hardship section of SuperGuide you will find a lot of helpful information about the rules for accessing super on … [Read more...]
Q: I am aged 40 and intending to finish work and care for my elderly dad. Can I withdraw my super and can I work a few hours? If you look at the severe financial hardship section of SuperGuide you will find a lot of helpful information about the rules for accessing super on the grounds of severe … [Read more...]
Q: Just want to commend you on your website. I have a friend who has separated from her husband some years ago. As part of the deal she got half his super at the time and has $86,000 sitting in the super fund belonging to her. She has been undergoing tremendous financial hardship raising four … [Read more...]
Q: I have been back in the UK from Australia for the last 3 years because of health problems. I am an Australian citizen as I emigrated from the UK in 1997. I have had two spinal operations and a heart attack three months ago at the age of 39. I have been on goverment benefits and disability living … [Read more...]
Q: Are you allowed to extract money from your super fund before retirement if you're having money troubles? The first step is to check whether your super fund permits early access to super benefits. Most super funds do permit such access but some do not. 1. If you apply under severe financial … [Read more...]
Q: I am 60 years old, working 30hrs week, with a dependent husband (he is paid a part aged pension, hasn't worked for 7 years due to a brain tumour). I am a carer and my income is supplemented by Newstart. We have a mortgage of $70,000. I would like to access my super to at least pay a big … [Read more...]
From 1 November 2011, any Australian applying to access super benefits early on compassionate grounds must apply to the Department of Human Services (DHS) rather than the Australian Prudential Regulation Authority (APRA). I explain what ‘compassionate grounds’ means later in the article. The … [Read more...]
