Is it easy? How badly in debt/trouble do you have to be?
+ Reply to Thread
Results 1 to 10 of 13
17-01-2015 11:36 #1
Has anyone ever accessed their Super early?
17-01-2015 11:43 #2
After our daughter was born and diagnosed with a rare genetic syndrome everything changed.
It depends on what you are trying to do.
We accessed it to pay our mortgage. I think it's much harder if you try to do it to pay credit card debt etc.
17-01-2015 11:47 #3
We have bills backed up that are months overdue, and now getting past $3000. It's affecting our ability to buy groceries and fuel as I'm just constantly paying bills! Getting a bit worried, especially now I'm pregnant again. However, we both work in permanent jobs, no Centrelink benefits (except child benefit for DS), so I read somewhere you have to be getting Centrelink for longer than 28 weeks or something.
17-01-2015 11:50 #4Senior Member
- Join Date
- Sep 2012
Eligibility for the early release of superannuation
Superannuation cannot generally be accessed before a person reaches their preservation age. In some limited circumstances the law allows for early access to superannuation. Most of the grounds under which early access is permitted are administered directly by the superannuation funds. These include:
- severe financial hardship
- terminal illness
- permanent incapacity
- balances of $200 or less
- permanent departure from Australia
You can apply for early release of superannuation benefits on the grounds of severe financial hardship. Applications are made direct to your superannuation fund.
To support your application, you can request a confirmation letter from any service centre or by contacting us. The letter is only valid for 21 days from the date of issue and confirms that you meet specific criteria, i.e. that you have received an eligible income support payment for the required period.
Alternatively, your superannuation fund may be able to check your eligibility using the Customer Confirmation eService if you have given them permission to do so.
We also recommend that you contact us if you or your partner receive a Centrelink payment. A release may impact any benefits you or your partner receive including, but not limited to, Family Tax Benefit, Child Care Benefit or an Income Support Payment.
The Following User Says Thank You to TeBe For This Useful Post:
17-01-2015 11:58 #5
Based on your circumstances I doubt you'll get it.
I would check out the link above.
Your fund can release money. But yeah. .. You generally need to be accessing Centre link benefits for accessing it due to financial hardship.
We went through center link under compassionate grounds for early release for our mortgage which has a different eligibility criteria.
The Following User Says Thank You to Tamtam For This Useful Post:
17-01-2015 11:59 #6
Thanks TeBe. It seems like it is specific to which fund you are with. Mine states
- you are currently receiving Australian Government income support payments (such as Newstart), and have been receiving them for a continuous period of 26 weeks. You must provide a Q230 form from Centrelink (or a Q251, if over 55). Receiving Austudy or Youth Allowance (if you are studying full-time) does not meet this requirement, and
are unable to meet your reasonable and immediate family living expenses from your income.
Not sure if Family Tax benefits would be included in this.
17-01-2015 12:01 #7
Has anyone ever accessed their Super early?
Under "financial hardship" you do need to be on a centrelink income support payment for at least 26 weeks (continuous - no break in payments)
If that's the case contact your super fund for a withdrawal form for this reason, you will need to supply your CRN, all bills you have that are dated within the last 3 months. Many don't require the Q230 letter from centrelink anymore.
If you are applying under compassionate grounds (possible loss of mortgage, needed for urgent medical care etc) you will have to contact DHS early release department. they will take your situation into consideration and decide whether or not you can access it and how much. They will give you a letter and you will have to provide this to your super fund.
Also keep in mind that early release of super is taxed at 21.5% eg if you are approved for $10,000 you will only get $7850 into your bank account.
If you aren't eligible for this you can contact your bank (if you haven't already) and mention financial hardship. They should help you.
ETA I'm 90% sure FTB doesn't make you eligible to release under financial hardship grounds. (I've been on maternity leave since April last year though)
Last edited by azelqra; 17-01-2015 at 12:04.
17-01-2015 12:02 #8
17-01-2015 12:04 #9
17-01-2015 12:04 #10
By Emmi in forum Pregnancy & Birth General ChatReplies: 0Last Post: 05-01-2015, 20:20
By Sedgaroo in forum IVFReplies: 6Last Post: 23-06-2014, 14:30
By BornToBe in forum General Parenting Tips, Advice & ChatReplies: 30Last Post: 26-05-2014, 19:32
Be In BlossomWe offer physiotherapy run pregnancy Pilates, pregnancy Aerobics, and Mummy Pilates & Baby Massage classes with a ...
LATEST5 ideas for the perfect baby shower giftSurrogacy and why many parents break the lawHow to get your kids to bring home empty lunch boxes
POPULARWhen can I start giving chores to my children?New baby nursery checklist – a guide to newborn essentialsWhat to pack for labour and hospital – a checklist
FORUMS - chatting now ...
I am... #20General Chat
April/May TTC group chatConception & Fertility General Chat
Private health insurance vs extrasPrivate Health Insurance Discussion
Egg Donation in Greece #5Egg Donation
Pregnant?First Trimester Chat
Am I? He says he's too old,..First Trimester Chat
Confused and freaking out! Help!Pregnancy Tests & Help / Support with Results
What age can teenagers consent to flu needles?Immunisation & Vaccines