Cash-strapped Aussies made a last minute bid to get their hands on their superannuation funds in time for Christmas and before the scheme closed on December 31.
In the week to December 20, 22,000 applications were made, 15,000 of which were initial and 7,000 were repeat applications according to the Australian Prudential Regulation Authority.
Payments averaged $7,643 per person, coming in at a grand total of $159 million worth of payments made during the week.
Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure
FEATURED
Savings Accelerator
Special offer: Savings Accelerator (Kick Starter offer).
For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product.
By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 21, 2024. View disclaimer.
In March last year, the Morrison government announced it would allow those financially impacted by COVID to access some of their superannuation balance early. Under the scheme, which was implemented in April, eligible Australians could withdraw up to $10,000 of their superannuation in the financial year 2019-20 and a further $10,000 in 2020-21.
Since the introduction of the scheme, 3.4 million Australians have accessed their superannuation early with a total of $35.9 billion withdrawn.
The scheme, which has come under intense scrutiny since it was launched, closed on December 31 2020 and payments for applications submitted by the cutoff date will be made throughout January, according to the Australian Taxation Office (ATO).
However, the ATO noted that while applications for the scheme have now closed, some Australians may still be eligible to withdraw their super under compassionate grounds.
“Compassionate grounds include needing money to pay for medical treatment and medical transport for you or your dependant, palliative care for you or your dependant, making a payment on a home loan or council rates so you don't lose your home, accommodating a disability for you or your dependant or expenses associated with the death, funeral or burial of your dependant,” the ATO said.
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For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
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The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.
Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).
Denise Raward
Harry O'Sullivan
Brooke Cooper
Alex Brewster
