How Much Can I Borrow with My Super?
Generally, superannuation cannot be accessed until an individual meets retirement age or begins the transition to retirement. However, there are some emergency criteria an individual can meet to qualify for early superannuation access. An individual who qualifies for early access to their can borrow between $1,000 through $10,000 from their superannuation every 12 months.
The requirements an individual must meet to qualify for early super access includes the following criteria:
- Temporary inability to work
- Permanent inability to work
- Palliative care (including dependents)
- Terminal medical conditions
- Super balance of less than $200
- Funeral expenses (including dependents)
- Compassionate grounds or medical treatment and transport (including dependents)
Becoming eligible for early superannuation access can be difficult for some individuals. Applying for early super access may require certain types of in-depth documentation and paperwork in order to gain approval.
Individuals facing potential homelessness may also be eligible to receive early access to their superannuation if they meet the following criteria:
- Has received government support payments for 26 weeks
- Inability to pay arrears
- Threatened repossession due to arrears
- Inability to fund required necessities and expenses for family
- Primary residence is at risk
- Is responsible for maintaining repayments for loans or mortgage
If you would like to learn more about receiving access to your superannuation earlier than retirement, you can find additional information on the Australian Taxation Office’s official website. The Mortgage House professional lending specialists are also prepared to assist anyone in need through the early access process. Reach out to us today to learn more!