Jump to content

Accessing super early for purchase


  • Please log in to reply
10 replies to this topic

#1 IamtheMumma

Posted 09 September 2019 - 05:24 PM

Can you access your super early to buy a caravan? I've read a couple of conflicting views online. I know you can't use it to buy a home.

I'd actually be wanting the caravan to be my home.

#2 born.a.girl

Posted 09 September 2019 - 05:26 PM

I'd be interested to see links to the places that say you can.

I don't know the rules in detail, but I'd be astonished if you could.

You're not talking about the scheme whereby you can withdraw deposits up to a certain amount for a house deposit?*

*Which I believe is being discontinued, hardly surprising, given the complexity and minimal benefit most got.

Edited by born.a.girl, 09 September 2019 - 05:30 PM.


#3 Dadto2

Posted 09 September 2019 - 05:29 PM

View PostIamtheMumma, on 09 September 2019 - 05:24 PM, said:

Can you access your super early to buy a caravan? I've read a couple of conflicting views online. I know you can't use it to buy a home.

I'd actually be wanting the caravan to be my home.

No I doubt it. I think you can only access it if you can prove financial hardship.
  • On compassionate grounds
  • If you’re suffering severe financial hardship
  • If you’re diagnosed with a terminal medical condition
  • If you’re temporarily incapacitated
  • If you’re permanently incapacitated
  • If you’re participating in the First Home Super Saver Scheme
  • If you were a temporary resident who has departed Australia
  • If you have a super account balance below $200

You could always pay someone to break your legs which would mean you're temporarily incapacitated. Buy your van, legs will be good to go in 6 weeks, jobs a good un!

Edited by Dadto2, 09 September 2019 - 05:32 PM.


#4 PrincessPeach

Posted 09 September 2019 - 05:30 PM

If you are over preservation age  then yes.

Under it & id really doubt it (its not allowed for SMSF's anyway).

#5 lozoodle

Posted 09 September 2019 - 05:30 PM

I'd highly doubt it. Crazy to dip into super unless emergency anyway. Most people don't have enough super as it is.

#6 Ozquoll

Posted 09 September 2019 - 05:43 PM

No, you can't do that. Were you perhaps reading about people above preservation age accessing their super to buy a caravan, a la Grey Nomad?

#7 IamtheMumma

Posted 09 September 2019 - 05:51 PM

http://www.withoutah...caravan-camper/


This was one of the links. Perhaps the assumption is the purchaser is over retirement age.

I'd consider being homeless severe hardship.

However, it sounded too good to be true hence asking.

#8 Dadto2

Posted 09 September 2019 - 05:56 PM

View PostIamtheMumma, on 09 September 2019 - 05:51 PM, said:

http://www.withoutah...caravan-camper/


This was one of the links. Perhaps the assumption is the purchaser is over retirement age.

I'd consider being homeless severe hardship.

However, it sounded too good to be true hence asking.

Yeah from the wording on that page it sounds like it's directed at retirees.

#9 WaitForMe

Posted 09 September 2019 - 06:22 PM

I think its pretty unlikely. Whats the lifespan of a caravan? I know houses/apartments can become dilapidated but they'll always retain some value. I'd imagine its not to the same as a caravan.

The rationale behind buying a house/apartment is that it can be a home for life, which can help reduce costs during retirement.

#10 SkeptiHandsOnMum

Posted 09 September 2019 - 06:43 PM

Even severe financial hardship is only

Quote

You may be able to withdraw some of your super if you have received eligible government income support payments continuously for 26 weeks and are unable to meet reasonable and immediate family living expenses.
A super withdrawal due to severe financial hardship is paid and taxed as a super lump sum.

The minimum amount that can be paid is $1,000 (unless your super balance is less than $1,000) and the maximum amount is $10,000. You can only make one withdrawal from your super fund because of severe financial hardship in any 12-month period.

(From the ATO website)


#11 born.a.girl

Posted 10 September 2019 - 07:45 AM

View PostIamtheMumma, on 09 September 2019 - 05:51 PM, said:

http://www.withoutah...caravan-camper/


This was one of the links. Perhaps the assumption is the purchaser is over retirement age.

I'd consider being homeless severe hardship.

However, it sounded too good to be true hence asking.


That's ridiculous that they don't qualify it by saying 'if you're over preservation age'.  I'm not sure why anyone even needs to be told the ways they can buy things if they are - I'd have thought 99% of people know they can take a lump sum from super if over the preservation age.




2 user(s) are reading this topic

0 members, 2 guests, 0 anonymous users

 
 
Advertisement
 

Top 5 Viewed Articles

 
Advertisement
 
 
 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.