Accessing Superannuation for IVF

[Krikkit]

Has anyone tried to access their Superannuation for IVF? Have you had success?

IVF costs have risen so much since our last child, that we are trying to find solutions outside of getting a loan/credit card?

Thanks
Kristy

[Cass72]

Jumping in on this one.... can you do that? I never even considered it? But what a great idea if you could....

[LuluHB]

You can't access your superannuation for any reason whatsoever (except to change investments etc, but the money still remains the property of your super fund) until you reach retirement age.

[Cass72]

Grounds for the early release of superannuation
A large number of superannuation funds allow access to a lump sum from accumulated superannuation accounts once every 12 months if your application is based on one of the following grounds:

specified compassionate grounds (to prevent sale of your house by your mortgage holder, or to pay medical, disability or funeral expenses); or
grounds of severe financial hardship (for “reasonable immediate family living expenses” including loan repayments, rent arrears, outstanding bills, car repairs and medical expenses).

[Miss E]

Sorry, but I don't think it's a possibility. You can only access it based on Financial Hardship or Compassionate grounds (terminal illness etc) and you have to jump through a host of hoops to get it in these circumstances. You basically have to be facing financial ruin.

[forshelby]

You can't access your superannuation for any reason whatsoever (except to change investments etc, but the money still remains the property of your super fund) until you reach retirement age.

Correction- there are two categories. Severe financial.hardship, and compassionate grounds. IVF is a medical expense but would probably be considered elective, and not necessary to your survival. Harsh, and very black and white unfortunately. I recently was denied access despite financial distress, because I was unable to obtain one lousy letter from centrelink. Sucky. Best of luck, hun.

[Miss.September]

We got a portion of ours due to financial hardship (arrears on the mortgage) and it was a difficult process. It took over six months, we had to be approved and then there are enormous fees taken out for doing it. You never see a cheque, it goes direct to the bank to repay the arrears. I can't see them accepting a request for early release for IVF when we had so much trouble accessing ours for genuine financial hardship. Sorry hun

[Muppity]

Sorry Hun but there is no way that it would be approved. I know that it is a harsh reality but unfortunately it is the way it is. there was a thread a while ago about what people did to afford ivf - sorry I'm on my phone so can't find it but try searching for that -there were some great suggestions in it.

[Mamaharriet]

You definitely can do this!! I'm in the process of applying for this right now!!! It's a very simple process - you just need to contact APRA and they will send out the application form. Obviously I don't know if I will get it approved but they told me they have approved it for IVF before and my IVF clinic also has had Many ladies pay with their super

[Ambersky]

Its going to depend on the trustee of your Super fund (I used to work in this area pre-kids) I know the place i worked would not pass it, but some obviously do - you would need to use the compassionate clause though not Fin Hardship. as with hardship you have to have been receiving certain CL benefits for 26weeks ect.

[beansbeans!]

I know my mum got her super paid out to her and she only had to tick a box on the form. They didnt even ask her why she wanted the money. She admittedly only wanted a small amount out, and with that she brought a secondhand car with it.

I wish you luck, and may pass this idea onto a friend of mine who is trying to save up to go another round of IVF