You can now get early access to your super – but beware

1 min read

You can now get early access to your super – but beware

Individuals suffering from COVID-induced financial stress will be able to get early access to up to $20,000 of their superannuation.

Eligible individuals can apply online through myGov for access to:

  • $10,000 of their superannuation before 1 July 2020
  • $10,000 of their superannuation in the three months after 1 July 2020

These early withdrawals will be tax-free.

Eligible Australians include those who are unemployed or whose working hours have been reduced by at least 20% since 1 January 2020.

Sole traders will also be eligible if, since 1 January, their business has been suspended or they’ve had a reduction in turnover of 20% or more

However, early access to your precious retirement savings should usually be as an absolute last resort. First, see if you can:

  • Draw on other savings
  • Access other government relief packages
  • Tap into any equity you might have

The best person to speak with about these changes would be your financial advisor.

Needing a great deal?

Hit the button below to arrange a conversation with one of my loan specialists to find a deal that’s best for your situation.

We partner with over 50 lenders so you can find the perfect solution

Do you have questions about mortgages or loans?

Ask us in the comments below