In most cases, you cannot access your super until you are 65, retired, or have hit the preservation age. However, some exceptions allow you to access your super early. One such exception is if you are homeless are about to become homeless and meet the following criteria:
- Your bank or council is threatening to repossess or sell your home because you are in arrears.
- The home being threatened is your primary place of residence
- You are the one responsible for the mortgage/rent repayments
- You can’t pay the arrears without accessing your super
If you have already lost your home, you may be able to access your super due to financial hardship as long as you meet these criteria:
- You have received government income support payments for 26 straight weeks
- You are not able to provide for and meet your family’s living needs and expenses
Other Ways to Access Your Super Early
In addition to the financial reason listed above, you can access your super early because of compassionate grounds, such as:
- Terminal medical condition
- Palliative care for you or a dependent
- Temporary incapacity, temporary inability to work, or working less because of a physical or mental condition
- Permanent incapacity and permanent inability to work
- Home or car modifications due to a severe disability
- Funeral expenses for a dependent
- If you have a super balance of less than $200.
Accessing your superannuation early can be difficult. Not only do you need to fill out paperwork and provide lots of documentation, but it can also cause a lot of stress for you and your family. However, if you fit one of the situations listed above and need help accessing your super early, the financial advisers at Mortgage House can help.
