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A greater number of stressed mortgagors are turning to their superannuation funds in a bid to avoid losing their homes.
According to Australian Prudential Regulation Authority (APRA) figures obtained by The Australian Financial Review, around 14,000 people were granted early release of super funds over the last financial year to avoid eviction or on other compassionate grounds.
The $165 million granted to those with financial hardship represented an increase of 22 per cent on the previous financial year.
Total applications for early super access also rose 17 per cent to 19,300.
Published: 07-11-08
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