What is financial hardship?
Commonwealth Government legislation allows you to access your superannuation early on certain hardship grounds.
In most circumstances, you can only access your superannuation when you retire from the workforce, usually after the age of 55 to 60 (depending on your date of birth). You can also have access to your superannuation earlier if you suffer a total and permanent disability.
If you are suffering from financial hardship, you may be able to access your superannuation early. The Department of Human Services has systems in place to help those in dire financial need.
- Urgently need money to pay for medical expenses, disability-related expenses, palliative care or funeral expenses;
- Have been receiving Centrelink payments for at least six months and cannot meet your day-to-day expenses;
- Risk your home being sold by your mortgage lender;
then you may be able to gain early access to your stored super.
If you wish to access funds on financial hardship grounds not related to a disability or illness then you should contact your super fund direct and they will assist you through the process or ring the Department of Human Services on 1300 131 060.