Mortgage Stress Spurs Increase in Early Release Super Enquiries

Mortgage Stress Spurs Increase in Early Release Super Enquiries

The COVID-19 regime implemented by the former Coalition government allowed individuals facing financial hardship to access their superannuation early.

Although this program ended almost four years ago, recent data suggests that people are still seeking early access to their superannuation to overcome current economic challenges.

Data presented to a Parliamentary Committee by the National Debt Helpline reveals that enquiries about early superannuation release to meet mortgage obligations and other expenses remain high on the list of calls received by the helpline.

The information highlights that enquiries relating to early superannuation release for mortgage payments and other costs ranked fourth and fifth, respectively, among the calls handled by the helpline.

In its documentation submitted to the Parliamentary Joint Committee on Corporations and Financial Services, the hotline disclosed that there have been 286,458 visits to the National Debt Helpline website thus far in 2023, marking a 47% increase from the 194,555 visits recorded during the same period last year.

According to the submitted data, the following list represents the most visited pages on the website for 2023, excluding the home page:

1. Find a financial counsellor
2. Understanding financial hardship and your rights
3. No interest loan scheme
4. Access superannuation – early release to pay mortgage arrears or rates
5. Access superannuation – early release due to severe financial hardship
6. Centerlink debts
7. Emergency assistance
8. About financial counselling
9. About the National Debt Helpline and contact information
10. Rent

The most frequently viewed pages indicate that individuals are searching for ways to access funds or assistance to cover their debts or financial shortfalls. This includes exploring options such as early superannuation withdrawal, applying for no-interest loans, or accessing emergency relief. These findings suggest that people are reaching their financial limits and actively seeking assistance.

Published:Wednesday, 13th Sep 2023
Source: Paige Estritori

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