Early access to your super

Superannuation is your retirement nest egg, and generally, you can only access it once you reach a certain age and retire, or plan to retire. However, there are specific circumstances that may allow you to access your super earlier: 

• Severe financial hardship 

• Compassionate grounds 

• Temporary resident leaving Australia 

• First Home Super Saver (FHSS) scheme 

• Terminal illness 

• Permanent incapacity 

• Temporary incapacity 

Severe financial hardship 

If you’re experiencing severe financial hardship, you might be eligible to access some of your super early. You may qualify if: 

• You have received eligible government income support payments continuously for 26 weeks. 

• You are unable to meet reasonable and immediate family living expenses. 

If eligible, you can apply to withdraw a minimum of $1,000 and up to a maximum of $10,000 once in any 12-month period. Payments due to severe financial hardship are taxed as a super lump sum. 

The Services Australia website outlines the eligibility criteria for applying to access your super due to severe financial hardship. 

Compassionate grounds 

You may be able to withdraw some of your super on compassionate grounds in very limited circumstances, where no other means of payment is available. Eligible expenses include: 

• Medical treatment and transport: For treating a life-threatening illness or injury, including acute or chronic pain, or mental illness. 

• Home or vehicle modifications: To accommodate severe disability, including purchasing a modified vehicle. 

• Palliative care or funeral expenses: To cover expenses associated with terminal illness, death, funeral, or burial. 

• Purchasing disability aids: To cater for severe disability. 

• Preventing forced sale of home: To pay mortgage or council rates in arrears on your principal place of residence. 

The ATO website outlines the eligibility criteria for applying to access your super on compassionate grounds. 

Temporary resident leaving Australia 

If you’re a temporary resident who has worked and earned super, and you leave Australia permanently, you may be eligible for a Departing Australia Superannuation Payment (DASP). To claim your super, complete the DASP application and send it to your super fund. Withholding taxes will apply. 

If you do not claim within six months of departing Australia, and your visa has expired or was cancelled, your super will be transferred to the Australian Taxation Office (ATO) as unclaimed super. You will need to contact the ATO directly to claim it. For more information, visit the ATO website. 

First Home Super Saver (FHSS) Scheme 

If you’re a first home buyer, you may be eligible to withdraw voluntary super contributions you’ve made (plus earnings) to help with a home deposit. The FHSS scheme allows you to withdraw up to $15,000 per financial year, with a maximum of $50,000 per person ($100,000 combined for a couple), and use this amount (plus earnings, less tax) to buy your first home. 

For further information about the First Home Super Saver (FHSS) scheme please refer to the ATO website. 

Terminal illness 

If you become terminally ill and two registered medical practitioners certify that you have an illness or injury likely to result in your death within 24 months (with at least one specialist in the relevant field), you may be able to access your super early. Funds released under this condition are tax-free. 

If you have Death insurance cover through your super, you may be eligible to receive your benefit early. For more information on the Bendigo Super insurance claims process, refer to the Insurance Claims Guide. 

Permanent incapacity 

If it is determined that you are unlikely to engage in gainful employment for which you are reasonably qualified by education, training, or experience due to ill-health (physical or mental), you may be able to access your super early (tax may apply). 

If you have Total and Permanent Disablement (TPD) insurance cover through your super, you may also be eligible to receive your insurance benefit as a lump sum. For more information on the Bendigo Super insurance claims process, refer to the Insurance Claims Guide. 

Temporary incapacity 

If you are temporarily unable to work or can only work at a reduced capacity due to a physical or mental medical condition, you may be eligible for Income Protection payments. 

You must have Income Protection insurance cover through your super to be eligible for these payments. For more information on the Bendigo Super insurance claims process, refer to the Insurance Claims Guide.