Home loans and super

I am 59 now. After I turn 60, can I withdraw an amount from my super and clear my home loan?

A: You can only do this if you have ceased work and no longer intend to be gainfully employed for more than 10 hours each week.


In addition, you’re super fund’s trust deed must allow the benefit to be paid.


(FYI - if your lender is about to foreclose on the mortgage over home then you can apply to the Department of Human Services and seek early access to your super money.)


I hope this helps,


Cheers,


Tony Negline



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