Property

Home owners raiding their super

DESPERATE property owners on the brink of losing their homes are raiding their superannuation in growing numbers, accessing a record $100 million in emergency funds in the past 12 months to keep the banks at bay.

More than 6500 home owners received emergency access to their superannuation last financial year, leading to warnings from welfare and housing groups that a growing number of people face financial stress. The 12 per cent surge in those getting access to the funds has come despite steep cuts in the interest rate.

Federal government figures show the average payment was more than $15,000, which would drain the average retirement savings account by a fifth for men and nearly 40 per cent for women.

It also marks the second straight year that the number of people gaining access to their nest egg has increased.
Advertisement

The claims for 2011-12 totalled $99.38 million, a 25 per cent increase on the previous year and well above the value of payments made after the global financial crisis. Also, the average individual payment has more than doubled in the past decade.

Read more at Brisbanetimes.com.au

Topics:  big banks home owners home ownership mortgage superannuation



Rape, slut dances and exploitation: James Cook Uni vows review

James Cook University’s Cairns Campus. Picture: Marc McCormackSource:News Corp Australia

“At the moment [some] academics are untouchable.”

Why the NDIS should matter to all Warwick locals

Michelle Jensen with her son Hugh. Hugh is one of only 600 people in the world with a disorder that causes swallowing, hearing and development delays. Hugh and his family are on the National Disability Insurance Scheme.

Hugh's life depends on the NDIS

DV can't be swept under the bed

State MP Ros Bates has called for tougher measures to quell the rising number of domestic violence incidents across the state.

State member pushes for tougher penalties for perpetrators

Local Partners

The simple mortgage fix that could save you thousands

Avoid interest-only loans or pay the price

No kitchen, no bathroom and $1 million price tag

70 Grantham St, Brunswick West, might look charming from the outside, but just wait until you venture in. Source:Supplied

Unlivable home still carries a $950,000 price tag

Chic new apartments high on value

Stunning new residential development between river and CBD

Open for inspection homes September 21 - 27

Check out this weekend's homes open for inspection.