24 Apr 2022
How Can I Make My Repayments to My Mortgage House Home Loan?
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The only way to use the money in your super is to cash it out. However, you can only cash out your superannuation if you meet one of the following guidelines:Â
You can cash out your super two ways: through an income stream or through lump sums. Income streams are regular payments from your super into your bank account. Lump sums are occasional withdrawals initiated by you.Â
In terms of financial hardship, you can cash out part of your super in the following instances:
In these instances, you can cash out up to $10,000 of your super if you are under the age of preservation and can cash out any amount of your super if you are the preservation age, plus 39 weeks. It is important to note that lump sum payments, including financial hardship payments, are taxed.Â
If you have questions about cashing out your super or would like to learn more, contact the financial experts at Mortgage House.