Mortgage stress generates early release super enquiries

The former Coalition Government’s COVID-19 regime allowing people facing hardship to have early access to superannuation ended nearly four years ago, but new data suggests people are still seeking early access to their superannuation to overcome current hardship.

The data, provided to a Parliamentary Committee by the National Debt Helpline, has revealed that early access to superannuation to pay bills, including mortgages, has been high on the list of enquiries received by the help line.

The data reveals that enquiries about early superannuation release to meet mortgage obligations and other costs ranked by fourth and fifth amongst the calls dealt with by the help line.

In documentation provided to the Parliamentary Joint Committee on Corporations and Financial Services, the hotline said there have been 286,458 visits to the National Debt Helpline website so far this year, a 47% increase from the 194,555 visits in the same period last year.

“The list below shows the most visited pages on the website for 2023, after the home page.

1. Find a financial counsellor
2. What is financial hardship and what are 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. Centrelink debts
7. Emergency assistance
8. What is financial counselling
9. About national debt helpline – contact us
10. Rent

“The most viewed pages indicate that people are looking for ways to access money or help to cover their debts or shortfall, such as accessing super early, applying for no interest loans or accessing emergency relief. This implies that people are at the limit of what they can cover and are looking for help,” the submission said.