Severe financial hardship payment (accessing your super early)
Severe financial hardship or distress is when you can’t meet reasonable and immediate family living expenses like groceries and other bills, rent or medical costs.
If you’re experiencing severe financial hardship and meet certain conditions, you may be allowed to access part of your super by making an application to your fund.
Generally, you can apply for one payment in any 12-month period if:
- You are receiving Commonwealth income support payments for 26 continuous weeks; and
- You are unable to meet reasonable and immediate family living expenses.
- The minimum amount you can withdraw is $1,000 and the maximum is $10,000. If your super balance is less than $1,000 you can withdraw up to your remaining balance after tax.
Alternatively if you have reached your preservation age plus 39 weeks, you can apply to access any part of your super if:
- You’ve received Commonwealth income support payments for a cumulative period of 39 weeks after you have reached your preservation age; and
- You are not gainfully employed (meaning you are unemployed or employed for less than 10 hours a week) when you apply.
- There is no restriction on the minimum or the maximum amount of super you can withdraw.
Find out the eligibility requirements and process of accessing your super early.
