Hi,
I am sure this will be a tricky topic, but I am struggling at the moment with a PPoR and a negative geared property because of job loss etc.
I have $60K sitting in a super fund, probably losing money. How can I use that to ease the interest I pay each month?
I am sure the Tax Department would have closed any loopholes, but I am hoping someone can suggest something.
Thanks in advance.
– Mark
Hi Mark,
Yes, I do believe you are able to access your super funds. However, you will need to first demonstrate a certain degree of financial hardship (which, knowing how strict the superannuation laws are, will probably mean being on the verge of bankruptcy!)
Contact the superannuation board in your state & get some concrete info from them.
Cheers
KymMark, I think you need to be struggling to pay for mandatory living expenses to access the super!!
Is your IP Interest Only? If not, look at that option. If you’ve paid any extra off your PPOR, see if you can redraw it. perhaps talk to the bank, and see if you can pay Interest Only for a few months on your PPOR as well.
If you have equity in either/both properties, you may be able to access that – a very short term fix, but perhaps enought til you get a new job.
Contact a mortgage broker to see what you can do.
Cheers
Mel
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