Australian's accessing super funds in record numbers
Tuesday February 19, 2008
Australians are turning to their superannuation funds in record numbers according to Australian Prudential Regulation Authority (APRA) as we look for ways to maintain our standards of living and pay for that mortgage that keeps getting bigger due to the constant interest rate hikes by the Australian banking sector.
The biggest reason for families accessing their superannuation is trying to stave off mortgage foreclosures due in no small part to the multiple interest rate rises as mentioned above.
The Australian banks have been steadily and constantly raising interest rates to maintain their profit margin for their shareholders at the expense of everyday Australian's.
These continual mortgage rate rises are currently at an 11 year high and they look set to continue to rise as the Reserve Bank tries to keep a lid on a rising inflation figure which is due to Australia's booming economy and current tight job market.
Accessing your Superannuation savings
Australian's born before 1960 must be 55 years of age and retired to access their superannuation funds whilst people born after 1964 must be 60 years of age and retired to access their super.
People can apply to access their super due to either financial hardship, medical costs or on companionate grounds.
Many super funds trustees are reporting a large increase in the amount of people accessing their compulsory retirement funds as interest rates continue to rise causing their home loan repayments to skyrocket..
Unfortunately with more interest rate rises tipped later this year more and more people will be applying to access their super leaving them vulnerable in their retirement years.
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