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James J.
James J.
Coldstream, VIC

I need to utiilise my superannuation fund to buy a home. I am 59 years old and understand I can somehow apply for a early release. Would there be someone who could guide me?

3 years ago


Hi James,

At age 59 you have reached what’s called your preservation age, so you can access your super. The form in which you can access your super depends on if you are working or not.

If you are working - you’ll likely only be able to access your super via a ‘pension’ capped at 10% of your super balance each year.

If you are not working - you will likely be able to cash in the whole balance.

Either way tax will be payable.

Talk to your super fund about your options & the tax implications of each.

All the best.


Hi James,

And following on from what James has said, from age 60 withdrawals are tax free from superannuation so if you are able to access your superannuation now, it might be worth still waiting until you are 60. It could save you a lot of $ in tax.



Hi James,

Following from your comment to me.

You can access an amount of ‘taxable’ super under the age of 60 of $195,000 via a lump sum from super (so you would need to not be working for this option to apply). You can access this money tax free.

Again, best to check with your super fund to see what you can and can’t access.

The financial hardship provisions (which is what you may likely be trying to access your super for early release) are difficult to prove - each super fund has their own set of rules. Some super funds don’t even allow it (it’s not in their rules).

If you’re in need of my assistance you can email me at james.wrigley@firstfinancial.com.au and we can take it from there.


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