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

Mortgages and Super

Moreover, there are numerous issues to consider beyond the apparent considerations of depositing and accounting for mortgage payments as well as property maintenance.

Insuring if you can pay the mortgage

You should think about how you’d insure the mortgage and its costs if you cannot work any longer. There are numerous insurance options provided by superannuation funds and other organizations that can insure you for injury, illness, income loss or death.

If something was going to occur and you couldn’t settle the mortgage any longer, the bank can’t take cash from your super account in order to recover the balance.

Your home isn’t a retirement plan

While it could be your hugest asset, your home shouldn’t be added up to finance your retirement. For starters, the majority of retirement projections revealing “income required” to eke out a living in retirement, assume that you totally possess your own home. Moreover, the house where you reside doesn’t count toward the Age Pension asset test.

While in a few circumstances, to downsize your home into something less costly at retirement could clear some capital, it’s not wise to depend on it. Another thing some folks consider is “reverse mortgage” to finance their retirement. This isn’t a choice to be taken carelessly and again, shouldn’t be perceived as a superannuation plan.

Accessing your superannuation for mortgage payments

People facing financial issues may perhaps access their superannuation early to help in mortgage repayments as well as living expenses. Accessing your superannuation early is an in-depth process and doesn’t happen instantly.

The DHS (Department of Human Services) has more info on the conditions for accessing superannuation early, or contact the fund. Investing in property via super

In general, you can’t take cash out of a super fund to purchase property. For people with SMSF (self-managed superannuation fund), there are a few special conditions that allow cash in the SMSF to be utilized to put into property: however this is the superannuation fund investing, and not you as a person. To put it differently, you cannot utilize cash from your super to purchase a house to reside in.

This might be a little complicated for you. To go more in-depth into mortgages and super, visit our site at www.australiansuperfinder.com.au

Loading PLease Wait..