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Can I use super to pay off my mortgage?

Ash Thomson • January 11, 2023

Can I use super to pay off my mortgage?

The idea of using superannuation to pay off your home loan is an attractive one for many Australians. After all, who wouldn’t want to use their hard-earned retirement savings to pay off their mortgage and become debt-free? But before you make the decision to use your super to pay off your mortgage, it’s important to understand the restrictions and the pros and cons of doing so.

In Australia, you can use your superannuation to pay off your home loan, but there are some restrictions. Firstly, you must be over the age of 65 and have retired from the workforce. Secondly, you must have a superannuation balance of at least $200,000. Thirdly, you must have owned the property for at least 10 years. Finally, you must have a loan-to-value ratio of less than 80%.

The pros of using super to pay off your mortgage include the fact that you can become debt-free sooner and save on interest payments. You can also use the money to invest in other assets or to fund your retirement. The cons of using super to pay off your mortgage include the fact that you may be subject to tax on the money you withdraw from your superannuation. You may also be subject to capital gains tax if you sell the property.

It’s important to speak to a mortgage broker before making the decision to use your super to pay off your home loan. A mortgage broker can help you understand the restrictions and the pros and cons of using your super to pay off your mortgage. They can also help you find the best loan product for your needs and advise you on the best way to use your superannuation to pay off your home loan.

In conclusion, using your superannuation to pay off your home loan can be a great way to become debt-free sooner and save on interest payments. However, it’s important to understand the restrictions and the pros and cons of doing so before making the decision. A mortgage broker can help you understand the restrictions and the pros and cons of using your super to pay off your home loan and can help you find the best loan product for your needs.

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