What is severe financial hardship?
Severe financial hardship is when you are unable to meet reasonable and immediate family living expenses like groceries, rent or medical costs. You may be able to access some of your super early to help.
Am I eligible?
To apply for early release of super due to severe financial hardship you must meet the following criteria:
- you’ve been receiving Commonwealth income support payments for 26 continuous weeks and
- you’re unable to meet reasonable and immediate family and living expenses
- you’ve e reached preservation age (refer to preservation age table below) plus 39 weeks and
- you’ve been receiving Commonwealth income support payments for a cumulative period of 39 weeks since reaching preservation age and
- you’re not gainfully employed when you apply (that is, you’re unemployed or employed less than 10 hours a week)
If you’re unsure how long you’ve been receiving Commonwealth income support payments, you can view your payment summary on the myGov portal.