I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Accessing Super For a Home Loan Deposit?

You have to meet a condition of release to access superannuation, and wanting to purchase a property to reside in, even in your challenging situation, is not considered a condition of release.

The excellent news for those eager to access their super money, though, is that where a person has reached preservation age (age 55 for those born before July 1960, and a minimum of 56 years for those born after June 1960), the benefit cashing guidelines have become more flexible.

The Preservation Age

If the individual is already in his or her preservation age, and then retires, he or she can withdraw any preserved super benefits. Remember, the tax might be payable on any super benefits are withdrawn before the age of 60.

If an individual is not all set to retire, another option is to begin a transition-to-retirement (TRIP) which makes it possible for the individual to withdraw as much as 10% of the account balance each year, provided the person has reached preservation age.

The super rules do enable early release of superannuation benefits in case of superannuation financial challenge (must receive Commonwealth earnings assistance payments) or on caring premises (typically, severe mortgage problems, severe illness or impairment).

Accessing super for a home loan deposit can be a challenge. It would be in your best interest to learn more about the subject before making any further plans by reading our articles at www.australiansuperfinder.com.au

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