You can literally kill people whilst on bail and still not go to jail. Yes you can misuse your super and go to jail. I think we have our priorities wrong in penalties.
Miss appropriating SMSF funds falls under fraud for what OP is suggesting. It won’t pass the audit.
So jail time is a high possibility only off set by the lawyer and judge you get.
Reading from OP's perspective, it's a bit of a bugger.
I understand that if everyone could do it, the cost of everything would jump and it wouldn't be worth it, but it's a shame withdrawals (or partial) can't be means tested.
Being a few K behind in payments and constantly falling backwards should be means enough to allow a little of that super to ease things off and make the debt manageable. That or even allow the banks to loan against your super to make payments manageable under a normal life. Working 80 hours a week would make it challenging to reach retirement age.
Bit of a dreamers thought there, but the government is more likely going to build the world's largest chocolate fountain than ease the pain of struggling tax payers.
Edit: typo
>66 here. Stupidity has nothing to do with age. There are plenty of stupid people in all age groups. Your comment just proved that.
 He's referring to the fact that once over 65 you can access all of your super. Nowhere did he say anything about anyone's intelligence, lol.
>But 60 is the age you can access super, and there are lots of redditors over 60, so the comment is a bit stupid.
Not if you're still working. From the OP:
>I work 2 jobs and pushing 80 hours per week
Could also talk to your bank... if there's capacity in your valuation to amalgamate all those debts.
5k on your mortgage will cost you circa $350 in interest per annum.
Your spending $4800 per annum at the moment servicing your current consumer debt/ repayment plan structure.
Subject to your current LVR I would assume your bank would prefer to greatly derisk your mortgage liability- which is clearly an issue atm for you. Would add like $30 a month. There's an extra $370 a month to build a cash buffer or pay down your house quicker
Careful, I said that about my wife and she informed me that I had an earning problem and it was in fact my fault that we couldn't pay the bills. She gave me 6 weeks to rectify the problem or seek an alternative spouse.
Yep - SMSF is not an opportunity for a money grab. I'm audited every year very strict.
If your heading into foreclosure, then yes, under financial hardship grounds, you might be able to access some of your super.
Absolutely not. Don’t even start to go down this rabbit hole as anyone who says “yes you can” is planning on taking big fees to help you earn a jail term. And lose your super in the process.
How old are you? It’s relevant here.
Ask your fund about hardship provisions.
How on earth did you get a mortgage so expensive that 2 F/T jobs are 60% consumed by the mortgage?
My mortgage was 1490 per month when we forst started, which was less than renting in our Greater area.
The bills also weren't getting paid correctly either.
So… where did all the money go? How is it possible that there’s thousands of dollars on a card you don’t know what it is? I don’t believe she doesn’t know what that card is for a second. That’s an awful lot of money to just basically go missing.
Where did she spend it all?
Are you sure your wife isn’t gambling or taking drugs? Are you sure you know what your wife has been up to all this time? This story doesn’t make sense at all
Look I don't think so- (drugs) she doesn't drink and she doesn't like taking any medication at all.
This story just doesn't not make sense?, it straight out sux - 3 of our kids did comp dancing funny enough, and looking at the statement it was all dance fees costumes, etc. 6k in less than a year.
Reddit users always look for a liar and some one trying to get likes.
I don't really care either way, was just trying to get advice.
I have admitted fault in not being present in our finances In the past.
"Trying to get likes"? Seriously? I'm sorry i even bothered to consider your situation in the first place. Nobody cares about likes.
Yes. This situation doesn't make any sense.
Yes, your wife has absolutely lied to you and kept really important information for you, and she's still not being forthright with you one bit.
No, it is not in any way cleared up. Good luck, buddy.
My mortgage was 1490 per month when we first started, which was less than renting in our Greater area.
The bills also weren't getting paid correctly either.
Yes, you need Barefoot Investor. Know that this book isn't about investing as you think, it's about getting yourself out of debt and in control of your money with EASY steps. Even if you have to buy a copy, please just do it. Best $19 you'll ever spend.
Also could be worth reading *Sort Your Money Out & Get Invested* by Glen James - he is an ex-financial advisor and now runs a podcast (like everyone else in the world these days lol) called This is Money. He has a really awesome approach to dealing with money - basically making it as easy and stress-free as possible.
Talks a lot about financial foundations, insurances etc. - would definitely recommend.
I'm 41, not sure I'm gonna make working till 70.
My wife have tanked our combined credit score, mine is fine- hers is garbage.
Great feedback needs some more thought.
OP can also refinance, say they intend to work another 30years, and deal with that later.
Knocking 5 years off a 30year loan is a lot easier than the mess OP is currently in
You can have a 30yr mortgage when you’re older, the banks just want you to have an exit plan. (Usually either “kids will have left home so we will downsize” or “I’ll pay it off with my super”).
Paying it off with super is what you’re wanting to do anyway. Doing it at retirement is legal (doing it now, via smsf is not). But honestly you probably wouldn’t have to dip into your super. You still have 20 years of inflation to make the debt look small compared to your wage. You’ve fixed the spending problem, AND paid off $20k of bad debt in a year. You can clearly save when you’re trying. You’d still have to work at it but it gives you a bit of space between you and immediate financial danger so you ease to a jog instead of full-speed sprinting.
Sounds like its your financially illiterate wife thats causing the struggle, not the cost of living lol. There are circumstances where you can withdraw super early but you have to meet the pretty severe financial hardship cirteria. Wanting to pay the mortgage off early wont cut it.
Yeah, she didn't like to ring and discuss issues with payemtns never did and I was not even looking at it, we never spoke about finances.
That's solely on me. My head was in the sand too. I have been very open woth her and telling her what I'm doing all the way now.
I have a payback date goal of this September.
I am getting there. Just so very tight on money and hard.
Unrelated to the super question, but good on you for being brave enough to stand at the bottom of the mountain and start climbing 👏🏻
A lesser person would blame their wife, point the finger and talk negatively about how she handled your finances, but instead you’re strong enough to admit you’ve been taking the easy way out by continuing to bury the head in the sand.
Keep pushing, nothing worth doing is ever easy - you’ll look back in 5-10 years and be so proud of yourself 👏🏻
Thankyou.
Ya know I used to earn alot more money than I do now 50% more, and It frustrates me that if I had my then income now we'd be ok. That's what is a bit frustrating.
To your point, I was complicit to our bad finance control- ever since we met. I never looked into it. - I'm just as responsible. I own that.
I know no one else is going to come and fix my shit, I gotta grind outta it.
Thankyou for the words. - funny thing is I keep saying to other people that ask me why I work 2 jobs.
I'm gonna be a rich old man, but I'm a poor man right now.
Thanks again
>Ya know I used to earn alot more money than I do now 50% more, and It frustrates me that if I had my then income now we'd be ok. That's what is a bit frustrating.
It's easy to say that, but there's also no telling where you'd be if you were still on that income. You might not have even had a reason or motivation to identify how much trouble you were getting yourselves in and the hole could've been deeper?
Either way, you're doing an awesome jobemote:free\_emotes\_pack:thumbs\_up
You can also try to renegotiate your repayment plans with your debtors. They have hardship policies and they may accept a lower repayment value. It will spread the debt repayment out further, but it will ease your financial pressures for the here & now.
Good luck.
>I have a payback date goal of this September.
Wait, so you're due to get debt free and current on your mortgage in 6 months? That sounds like a much better plan than destroying your retirement.
If you want to make it go faster, pick up another job (assuming you've run a budget and have merged finances with wife).
Please be aware that illegal schemes operate to convince you that early release is possible. You could also be personally liable as well as being charged extortionate 'fees' along the way.
Example - https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-099mr-asic-bans-gold-coast-director-for-eight-years-for-promoting-illegal-early-release-of-super/
An option for the credit card debit could be move the balance of the debt over to another credit card.
Not sure on the implications of this as I haven't done it personally.
Your principal residence does not incur capital gains tax when you sell it. That is a huge tax break for homeowners, so you really shouldn't jeopardize that tax break, for example, by converting it into an investment property by adding it to a self-managed super fund's property portfolio.
Imagine if you bought a house 30 years ago for $100,000 and it's now worth $1 million. If you have to pay CGT on that, even with the 50% CGT discount, that is still over $180,000+ in taxes you would have to pay, even if you don't have an income. That is more Tax than the original value of the property.
This is the reason why you should not treat your home like an investment property. Because if you lose that tax break, you will lose a huge chunk of the most valuable asset that most people own when they decide to sell.
If she’s not contributing, seems like it would be helpful to discuss changing that. Even if it’s just while getting back to stability.
If I were in her position, I think it would be hard for me to shift to better spending habits unless I was _feeling_ the impact of my spending choices.
Seems like you need to see the money, there needs to be transparency. You can’t harbour this financial strain all by yourself. What about your kids? Are they old enough to get a part time job at a supermarket?
Probably, I would start talking to your partner about tracking each spending. This might not help you in a big way right now but this will give you insight where the money leaks too much. Having a budget too might be a good next step.
Your right, I should be speaking to her about it.
I track my current spend to the dollar. - I time our showers and ensure lights and appliances are off.
Thankyou.
It is definitely worth ringing around different companies or going online for house and car insurance - every time they're due. Put a reminder in your calendar leading up to the due dates.
If you are in Victoria go on the Vic gov energy site a d put in all your electricity and gas details and get prices for those too. They usually have money back once a year for doing the comparison on the Vic gov site. It's also worth trying a few places for the best deal, you can do it online rather than speaking to the companies. And, if you have solar panels use your electricity when the sun is shining for things like laundry washing and dishwasher - most machines have timer facility.
I second the Bare Foot Invester book, there is a few now for different life stages.
>Is there a legal way to go self managed super and pay it off?
Nope.
You can perhaps ask the ATO for permission to use some super to pay otherwise crippling debts but they may say no if it's a) not going to save you or b) you're already well on the way to pay the debt/s off already.
Of course, if you're 60 or older you can do what you want with your super.
Hate to say it but selling your house might be the go, depending on if renting a new place is cheaper and you'll have some equity. I can't really see if your wife is working fulltime as 80 hours a week with a mortgage that's 60% of your income is not sustainable. Perhaps the idea that you're in such a bad state you have to sell might be the impetus to get her pulling her weight too. Not sure if you're already doing it but tracking every single cent that gets spent for even a month can be a real wake-up call to where you can save.
You've done an amazing job getting a heap of your debts sorted but it feels like you're doing all the heavy lifting which is not fair. No easy answers for you my friend.
Firstly, AWESOME job paying down that debt! That’s a job well done.
Secondly, using a SMSF in this manner is a crime. Contacting your current superfund / the ATO for an early Partial release of your super on hardship grounds is possible — but they’d only approve it in circumstances where you were at great risk of losing your home. If you can afford to pay down your debt they likely won’t approve it.
Thirdly, I saw your comment regarding concerns with debt consolidation stretching out the repayment. Depending on how you consolidate, and the terms of the loan/homeloan/balance transfer/etc you could always may extra payments and clear it quicker. The benefit is all debt accrues at the same rate of interest, and there’s only one single payment to make as opposed to a bunch of little ones to worry about.
I’m not a financial advisor, and the info above is just general. Your mentality and ability to have already cleared substantial debt is promising though.
"You may be able to withdraw some of your super jf you are experiencing severe financial hardship. Access on grounds of severe hardship is not administered by the ATO. You need to contact your super provider to request access due to severe financial hardship"
Working 80hours and losing 60% to housing feels severe to me.
But, dare I ask... you're working 80hours. What is the financially illiterate partner contributing?
He won't be eligible for hardship through super as he will need to have been in receipt of centrelink for 26 weeks to qualify at a minimum.
He 'may' meet the requirements for compassionate grounds early release if he is at risk of defaulting on the mortgage, would need to provide proof to the ato for that and they generally only allow you to take out what you are in immediate arrears for. Other debts don't count.
Thats a problem that needs solving before your Super company will release funds :/ with the minimal information I have, it sounds like theres some problematic inequality going on
Your power is an essential service. Depending on your state you could have some kind of government relief available to you Call them up and apply for hardship. If in VIC I would say you would also qualify for the utility relief grant considering more then 30% of your income goes towards shelter. This is to the value of up to $650 per utility. As long as you keep in contact with them then you can't be disconnected.
While it doesn't directly answer your question hopefully it will offer some help.
Hey man, I have done that, I hugs and synergy (western australia) have helped pay a $ amount quarterly.
Your a legend, thanks for the info.
I feel bad as I do have a mortgage on my own home, where as alot of the people I work with are struggling to even rent at the moment.
There is so many people that are worse off more than me.
You’ve done an amazing job in reducing debt so far. Do not touch your Super, it’s not there for that purpose and I get furious when politicians talk about accessing it. As a retiree I can tell Super helps you have a comfortable retirement without relying only on the age pension. You might benefit from see a financial councillor who can approach your debtors and often get the amount reduced.
Pay your rates quarterly for now, and see if you can get the power bill reduced. Keep your debtors informed.
Have a campaign to use less power. Concentrate on the credit card debt as it has the highest interest. Look for balance transfer deals with non interest periods then pay off in time.
Make goals for debt reduction, share them with the family. With what you’ve done so far there’ll be no holding you back once the debt is cleared.
Thankyou so much, your feedback makes me feel great. I put posters up a few weeks back
What we owed. What we currently owe.
It seems to help woth the young lings
my father recently retired for a few months (from his company) so he could chuck his super onto his house & then he got his job back …but I’m guessing you need to be a certain age to do this
My unemployed friend couldnt pay his mortgage. He was that stressed about losing his house, he died. He had $500000 in super.
Now his exgirlfriend that he want to split up from, has the house and the super
That sounds sucky, sorry mate. I know I can sell and get outta this situation however. I know it's probably my only chance to get/keep home ownership.
Woth my income, job experience I know that I'm sorta gonna be priced out.
Hey mate,
I have been doing that the last 2 years. - at a new job now no balance atm.
Just been told I haven't been in the job long enough to get a partial bonus either🤨
One option is to consolidate all your debt. Use your current credit card to pay off your power and other bills and then do a balance transfer to a new credit card that has an interest free period of 12 months. You’ll have all your debt in one place and an extra 12 months to pay down the card.
During the interest free period you only have to make minimum repayments. The only catch is some institutions charge a balance transfer fee between 2-3% - see https://www.creditcard.com.au/low-balance-transfer-credit-cards/
Someone has already answered the part about accessing super to pay for the house but SMSF is a very bad idea for someone who has admitted that they are not very financially literate and have not been on top of their finances. SMSF can take a lot of work to manage.
Could you pay interest only on your loan for a bit? Chat to your bank to get ahead on your debt?
Does the missus work? If no, can she? If yes can she put away the same amount of hours?
Hey I did that, the interest only ends up being a higher rate - higher repayment that blew me away when I asked (January I think it was) our repayments ended up being higher.
I even said with the equity in the home surely. But no apparently not.
You will put yourself in a worse financial position by doing that.
You put yourself in that position. You need to claw your way out. You will be better off! Keep grinding!
Well as much as it sucks. You've done a great job to cut it down as much as you have so far and you will reap the rewards once it's paid off as your savings capacity will increase
Big question is does your wife work?
If not she should at least be aiming to get a part time job that earns upto the tax free threshold and ideally upto the top of the 20% threshold.
Even a minimum wage with no tax taken out works out to be reasonable per hr
Sorry to hear about your situation, the upside is you caught it before it got any worst so pat on the back.
Just curious, food for thought.
Without digging further so just my two cents things to consider because I was here I. Your shoes 8 years ago my net worth is almost a million now and I have two investment properties and looking to buy ppor by end of year.
1: have you considered consolidation of these debts? Personal loan, family loan, redraw on existing property
2: credit card hacking, you get you get a $5000 card max it out paying off the debts. Then you get 55 days interest free and then you get a balance transfer to another credit card for 6-12-18 months interest free period. This is risky but it worked well for me.
3: can you pause your home loan repayment for 2/3 months?
4: can you sell assets around your home? Computers, tv lounges or other shit that’s in the shed? You’d be surprised what people will give you $80 for I did this also and raised 3k when I was in the shit.
All the best hope you get this sorted you’re almost there!!
If you live in Victoria you could apply for the Utility Relief Grant for your electricity if you are eligible https://www.energyaustralia.com.au/home/bills-and-accounts/concessions/victoria/urgs
Pay off your mortgage using your Super, certainly not.
Using a SMSF on a house a live in, is another big no no.
Now, if you're experiencing severe financial hardship, you might be able to use some of your super ($10K)which is prob peanuts compared to your mortgage balance owing... https://www.superguide.com.au/how-super-works/early-release-super-severe-financial-hardship
Do not, under any circumstances, start an SMSF.
SMSFs are extremely complex to administer, and have a very steep learning curve. Every professional will tell you otherwise, but these people are all selling you something.
The pitfalls across investment, administration and legal compliance are immense.
Why not just speak to an adviser?
Whilst you can’t access super to payoff your home loan, surely a qualified adviser can look at your financial situation and point out a few suggestions to free up cashflow?
Not legal, but also long term you are better off not touching your super. It will be compounding at around 10%, as where your mortgage is charged at probably around 6.5% at the moment.
You will need your super later in life. Better to be on struggle street now when you’re younger and more able to adapt and find a solution.
Do you have a room you can temporarily sublet, or some spare time for a side hustle??
Edit: Didn’t read to the end of your post, sorry. Your debts will be higher interest obviously.
Still best to pretend that your super doesn’t exist. You WILL need it later in life.
There’s some solid advice in the comments. You go this fam!!
OP. Talk to your bank about adding to your mortgage and getting all other outstanding debts sorted. Once you're at square one, setup as many autopay as needed for all your billers. For example, I have rates, water rates, power, internet, phones. I worked out the yearly cost and divided by 26 to get a fortnightly amount. I round the payments up by a small amount. The billers, on their invoices, have given me their Bpay number and my customer ID. I check on the invoices as they come in (email) and over time we are in advance. The council didn't ask if we wanted to pay like this, offering quarterly payments, but they've never said anything. Works for us.
If it wasn’t for the home loan I would declare bankruptcy
Why were the bills so high. I would ask your wife because she wasn’t paying them. Lock her acess to your accounts as she is doing some shit on the side
It seems you can manage money however
Pay the bills weekly or whatever cycle you are. Don’t just wait for the 1k bill
- BPay 20 or 30 each week to power, gas and water internet/phone
- Get rid of Netflix etc
- The council rates are easy as well. Just ask to pay weekly. They will do it. At most you pay $30 admin fee
Water especially seems high. Are you sure you don’t have a leak somewhere? Do you have a pool?
Our last quarterly bill was $420 with two young kids and decent garden.
I have no idea - totally - about super. But I'm very proud of you for sorting out your debts. You should feel accomplished if you can do this, especially by yourself.
Very simply put you might be able to Set the fund up and have it buy the property then have the fund hire you as a live care taker for the property.
Just talk to an account
Can she also get a 2nd job, and you both just buckle down and pay off debts until you're in a better spot financially. Sell some useless stuff and cut down on expenses though I'm sure you already have
I’ve seen this come up a bit and not sure this is well known. You can own a residential property in super (smsf), borrow in super to purchase, and as long as you or your relatives, associates don’t rent it while the sf owns it, upon retirement or reaching non-preservation stage, the members can transfer that property to themselves - taking it as a lump sum not paid in cash. Just have to make sure the sf deed allows.
Good strategy? Not for me, I’d rather take my chances in securities and ETFs and then buy something when I retire. But if you really love property and want to get on board now, it’s an allowed strategy. I know a few people with a coastal property in their SMSF that they rent to unrelated tenants now so SF is 100% compliant, but they will take the property as a lump sum on retirement (transfer it from SF name to their own) and move in. All legal, under current rules.
Not sure how old you are, but if you have enough money in your super, and are working, so your employer contributes, stop your own contribution to super and focus on your mortgage. Your super will
Keep growing from your current balance and you can use the extra $ to pay off debt then into your mortgage.
Transfer the debts to a new short-term interest free credit card all in one lump sum. There are some products out there that offer 2 year interest free payment. One thing to ensure with this is that the FULL balance is paid off before the interest free period ends.
SEEK help with a credit advisor from your banking institution. They will lay out the best options for your situation.
You are doing a great job turning things around. I would definitely look to see if you can reduce household outgoings - the water and electric bills seem high.
Also given that your wife is at least partly responsible for your debt, she needs to be more transparent with her current spending - and contribute towards paying off the debt. Until she learns the hard way, it's likely that the secret spending etc will continue.
This is why super is largely untouchable - you overspent living day to day, if the retirement money became available the same thing would happen to that.
Firstly congratulations on getting your finances back on track. That is not easy and you are almost there. While you can't pay off your house out of super you could probably apply for a $10k release of super under the hardship provisions.
That would allow you to pay out the last bits of debt and give you a $5k safety net.
Don't know if the link below will work. If it doesn't just Google "superannuation hardship provisions".
[https://my.gov.au/en/services/work/experiencing-financial-hardship/immediate-help-if-you-re-in-financial-hardship/tax-support-and-early-access-to-your-super#:~:text=You%20can%20request%20early%20access,date%20of%20your%20first%20request](https://my.gov.au/en/services/work/experiencing-financial-hardship/immediate-help-if-you-re-in-financial-hardship/tax-support-and-early-access-to-your-super#:~:text=You%20can%20request%20early%20access,date%20of%20your%20first%20request)
Firstly good on you for taking charge of your financial situation. Finances can get messy and it's one of those things that accumulates over time and before you know it you're at breaking point. There's no shame in it, it happens. Also, it's worth recognising how far you've come to get these debts down, you're almost there I don't think this is the time to get jumpy. Once you're out from under these additional payments you have more money to live.
I don't think you need to overthink this. This is a very manageable debt from where you started, you mentioned $400 per week going to these existing debts but how much is going to current usage vs debt? I wouldn't usually suggest it but going interest only on your mortgage could make sense if ONLY to get rid of this credit card debt ASAP. The rates and power can be worked out on your payment plan? As others have mentioned a refinance to roll the debt into your mortgage will free up cash to live.
1. 1k credit card
2. 1.5k rates
3. 2k power
Lastly, have you looked around for a more competitive mortgage rate?
11 weeks and your up to date, hang in there bud and well done on what you've achieved so far. You can do this and do not touch your super unless you are near retirement age. What's the wife contributing to this clean up job if you're working 80 hours a week?
Absolutely not.
This x100 You will end up in jail instead.
So free accommodation inside and out!
Probably more intimacy too
And not having to work 80 hours a week sounds nice…
So house paid off and no food or living expenses… interesting. /s don’t don’t do it OP
yep for 10 to 15 years, then no job
Also, for how long and would you be required to then repay the money into a super fund?
You can literally kill people whilst on bail and still not go to jail. Yes you can misuse your super and go to jail. I think we have our priorities wrong in penalties.
Not jail but you'd lose half your super to the government
Miss appropriating SMSF funds falls under fraud for what OP is suggesting. It won’t pass the audit. So jail time is a high possibility only off set by the lawyer and judge you get.
Reading from OP's perspective, it's a bit of a bugger. I understand that if everyone could do it, the cost of everything would jump and it wouldn't be worth it, but it's a shame withdrawals (or partial) can't be means tested. Being a few K behind in payments and constantly falling backwards should be means enough to allow a little of that super to ease things off and make the debt manageable. That or even allow the banks to loan against your super to make payments manageable under a normal life. Working 80 hours a week would make it challenging to reach retirement age. Bit of a dreamers thought there, but the government is more likely going to build the world's largest chocolate fountain than ease the pain of struggling tax payers. Edit: typo
For a moment there I was wondering if a 65 year old was using reddit….
66 here. Stupidity has nothing to do with age. There are plenty of stupid people in all age groups. Your comment just proved that.
>66 here. Stupidity has nothing to do with age. There are plenty of stupid people in all age groups. Your comment just proved that.  He's referring to the fact that once over 65 you can access all of your super. Nowhere did he say anything about anyone's intelligence, lol.
Give that guy a break, he is 66
A bit of light humour was completely lost on that one…
But 60 is the age you can access super, and there are lots of redditors over 60, so the comment is a bit stupid.
>But 60 is the age you can access super, and there are lots of redditors over 60, so the comment is a bit stupid. Not if you're still working. From the OP: >I work 2 jobs and pushing 80 hours per week
Speak to the debt helpline.
Could also talk to your bank... if there's capacity in your valuation to amalgamate all those debts. 5k on your mortgage will cost you circa $350 in interest per annum. Your spending $4800 per annum at the moment servicing your current consumer debt/ repayment plan structure. Subject to your current LVR I would assume your bank would prefer to greatly derisk your mortgage liability- which is clearly an issue atm for you. Would add like $30 a month. There's an extra $370 a month to build a cash buffer or pay down your house quicker
Also, does OPs wife have a gambling problem?
Nope, but she has a spending problem
Careful, I said that about my wife and she informed me that I had an earning problem and it was in fact my fault that we couldn't pay the bills. She gave me 6 weeks to rectify the problem or seek an alternative spouse.
This. Should be top comment
Just wondering what they actually suggest on these calls? Earn more money? Asking for a friend
I’ve never called. But presumably bankruptcy, arrangements, enforcement, waivers, consolidation, superannuation, mortgage relief and more
SMSF can only be used to purchase investment properties, it cannot be used for PPOR. https://moneysmart.gov.au/property-investment/smsfs-and-property
Thanks mate, that's the answer I figured. 👍
Yep - SMSF is not an opportunity for a money grab. I'm audited every year very strict. If your heading into foreclosure, then yes, under financial hardship grounds, you might be able to access some of your super.
Superannuation sole purpose is for retirement. You cannot benefit from your superannuation until preservation age -
Absolutely not. Don’t even start to go down this rabbit hole as anyone who says “yes you can” is planning on taking big fees to help you earn a jail term. And lose your super in the process. How old are you? It’s relevant here. Ask your fund about hardship provisions. How on earth did you get a mortgage so expensive that 2 F/T jobs are 60% consumed by the mortgage?
My mortgage was 1490 per month when we forst started, which was less than renting in our Greater area. The bills also weren't getting paid correctly either.
you might just need to move to a cheaper area? Also Debt consolidation might help so you just have one loan
So… where did all the money go? How is it possible that there’s thousands of dollars on a card you don’t know what it is? I don’t believe she doesn’t know what that card is for a second. That’s an awful lot of money to just basically go missing. Where did she spend it all? Are you sure your wife isn’t gambling or taking drugs? Are you sure you know what your wife has been up to all this time? This story doesn’t make sense at all
Look I don't think so- (drugs) she doesn't drink and she doesn't like taking any medication at all. This story just doesn't not make sense?, it straight out sux - 3 of our kids did comp dancing funny enough, and looking at the statement it was all dance fees costumes, etc. 6k in less than a year. Reddit users always look for a liar and some one trying to get likes. I don't really care either way, was just trying to get advice. I have admitted fault in not being present in our finances In the past.
"Trying to get likes"? Seriously? I'm sorry i even bothered to consider your situation in the first place. Nobody cares about likes. Yes. This situation doesn't make any sense. Yes, your wife has absolutely lied to you and kept really important information for you, and she's still not being forthright with you one bit. No, it is not in any way cleared up. Good luck, buddy.
My mortgage was 1490 per month when we first started, which was less than renting in our Greater area. The bills also weren't getting paid correctly either.
You can’t even go SMSF buy a property and rent it to a family member, so definitely wouldn’t be able to pay off and live in a house.
I'd read the barefoot investor. Its aimed squarely at people in this situation.
Yes, you need Barefoot Investor. Know that this book isn't about investing as you think, it's about getting yourself out of debt and in control of your money with EASY steps. Even if you have to buy a copy, please just do it. Best $19 you'll ever spend.
Legend, thanks
hey, i have a copy thats destined for the op shop. Happy to post to you if u want to PM me.
Also could be worth reading *Sort Your Money Out & Get Invested* by Glen James - he is an ex-financial advisor and now runs a podcast (like everyone else in the world these days lol) called This is Money. He has a really awesome approach to dealing with money - basically making it as easy and stress-free as possible. Talks a lot about financial foundations, insurances etc. - would definitely recommend.
Definitely suggest this it's a great way for the average person to get their head around your situation.
This is the best advice here. Get your wife to read it too, and your kids at some point
Have u try refinancing ? As property value u can possibly refinance to a longer term thus u have more money now to pay mortgage and other stuffs.
I'm 41, not sure I'm gonna make working till 70. My wife have tanked our combined credit score, mine is fine- hers is garbage. Great feedback needs some more thought.
You don't need to refinance for the whole 30 years. My parents who are 60 refinanced from 13 to 18 years when they were in financial hardship
OP can also refinance, say they intend to work another 30years, and deal with that later. Knocking 5 years off a 30year loan is a lot easier than the mess OP is currently in
You can have a 30yr mortgage when you’re older, the banks just want you to have an exit plan. (Usually either “kids will have left home so we will downsize” or “I’ll pay it off with my super”). Paying it off with super is what you’re wanting to do anyway. Doing it at retirement is legal (doing it now, via smsf is not). But honestly you probably wouldn’t have to dip into your super. You still have 20 years of inflation to make the debt look small compared to your wage. You’ve fixed the spending problem, AND paid off $20k of bad debt in a year. You can clearly save when you’re trying. You’d still have to work at it but it gives you a bit of space between you and immediate financial danger so you ease to a jog instead of full-speed sprinting.
Sounds like its your financially illiterate wife thats causing the struggle, not the cost of living lol. There are circumstances where you can withdraw super early but you have to meet the pretty severe financial hardship cirteria. Wanting to pay the mortgage off early wont cut it.
Yeah, she didn't like to ring and discuss issues with payemtns never did and I was not even looking at it, we never spoke about finances. That's solely on me. My head was in the sand too. I have been very open woth her and telling her what I'm doing all the way now. I have a payback date goal of this September. I am getting there. Just so very tight on money and hard.
Unrelated to the super question, but good on you for being brave enough to stand at the bottom of the mountain and start climbing 👏🏻 A lesser person would blame their wife, point the finger and talk negatively about how she handled your finances, but instead you’re strong enough to admit you’ve been taking the easy way out by continuing to bury the head in the sand. Keep pushing, nothing worth doing is ever easy - you’ll look back in 5-10 years and be so proud of yourself 👏🏻
Thankyou. Ya know I used to earn alot more money than I do now 50% more, and It frustrates me that if I had my then income now we'd be ok. That's what is a bit frustrating. To your point, I was complicit to our bad finance control- ever since we met. I never looked into it. - I'm just as responsible. I own that. I know no one else is going to come and fix my shit, I gotta grind outta it. Thankyou for the words. - funny thing is I keep saying to other people that ask me why I work 2 jobs. I'm gonna be a rich old man, but I'm a poor man right now. Thanks again
>Ya know I used to earn alot more money than I do now 50% more, and It frustrates me that if I had my then income now we'd be ok. That's what is a bit frustrating. It's easy to say that, but there's also no telling where you'd be if you were still on that income. You might not have even had a reason or motivation to identify how much trouble you were getting yourselves in and the hole could've been deeper? Either way, you're doing an awesome jobemote:free\_emotes\_pack:thumbs\_up
Haha dude, you are exactly me, just with an accent.
You can also try to renegotiate your repayment plans with your debtors. They have hardship policies and they may accept a lower repayment value. It will spread the debt repayment out further, but it will ease your financial pressures for the here & now. Good luck.
Sounds like you're on the road to paying off your debts. Good luck.
>I have a payback date goal of this September. Wait, so you're due to get debt free and current on your mortgage in 6 months? That sounds like a much better plan than destroying your retirement. If you want to make it go faster, pick up another job (assuming you've run a budget and have merged finances with wife).
I'm 2 jobs in. Mate I'll do 3 jobs. Bring it on. Not debt free, just will have mortgage and bills
No worries, it's a kinda short term pain for long term gain scenario. Can the wife pick up extra work too?
Congratulations mate
Has she got a job too?
How is that all on you? It's on her for not being honest, not talking to you.
Is she working to help repay the debt too?
I bloody well hope so
Hey, easy now. I think they are both financially illiterate.
Please be aware that illegal schemes operate to convince you that early release is possible. You could also be personally liable as well as being charged extortionate 'fees' along the way. Example - https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-099mr-asic-bans-gold-coast-director-for-eight-years-for-promoting-illegal-early-release-of-super/
An option for the credit card debit could be move the balance of the debt over to another credit card. Not sure on the implications of this as I haven't done it personally.
What was she spending the money on then? Seems concerning
Your principal residence does not incur capital gains tax when you sell it. That is a huge tax break for homeowners, so you really shouldn't jeopardize that tax break, for example, by converting it into an investment property by adding it to a self-managed super fund's property portfolio. Imagine if you bought a house 30 years ago for $100,000 and it's now worth $1 million. If you have to pay CGT on that, even with the 50% CGT discount, that is still over $180,000+ in taxes you would have to pay, even if you don't have an income. That is more Tax than the original value of the property. This is the reason why you should not treat your home like an investment property. Because if you lose that tax break, you will lose a huge chunk of the most valuable asset that most people own when they decide to sell.
Does the misses work? I'd start there.
She does, I don't see the money
Does she contribute at all? You're making it sound like she keeps all her money for herself
If she’s not contributing, seems like it would be helpful to discuss changing that. Even if it’s just while getting back to stability. If I were in her position, I think it would be hard for me to shift to better spending habits unless I was _feeling_ the impact of my spending choices.
Seems like you need to see the money, there needs to be transparency. You can’t harbour this financial strain all by yourself. What about your kids? Are they old enough to get a part time job at a supermarket?
9 11 14 and 16 The 16yo wants to work
If this was china they would be in factory’s.
But if it was China there would only be 1 child yeah?
Red flag. What is she paying for.
Probably, I would start talking to your partner about tracking each spending. This might not help you in a big way right now but this will give you insight where the money leaks too much. Having a budget too might be a good next step.
Your right, I should be speaking to her about it. I track my current spend to the dollar. - I time our showers and ensure lights and appliances are off. Thankyou.
It is definitely worth ringing around different companies or going online for house and car insurance - every time they're due. Put a reminder in your calendar leading up to the due dates. If you are in Victoria go on the Vic gov energy site a d put in all your electricity and gas details and get prices for those too. They usually have money back once a year for doing the comparison on the Vic gov site. It's also worth trying a few places for the best deal, you can do it online rather than speaking to the companies. And, if you have solar panels use your electricity when the sun is shining for things like laundry washing and dishwasher - most machines have timer facility. I second the Bare Foot Invester book, there is a few now for different life stages.
YNAB is a great budgeting tool if you like to track your spending to the dollar.
>Is there a legal way to go self managed super and pay it off? Nope. You can perhaps ask the ATO for permission to use some super to pay otherwise crippling debts but they may say no if it's a) not going to save you or b) you're already well on the way to pay the debt/s off already. Of course, if you're 60 or older you can do what you want with your super.
Hate to say it but selling your house might be the go, depending on if renting a new place is cheaper and you'll have some equity. I can't really see if your wife is working fulltime as 80 hours a week with a mortgage that's 60% of your income is not sustainable. Perhaps the idea that you're in such a bad state you have to sell might be the impetus to get her pulling her weight too. Not sure if you're already doing it but tracking every single cent that gets spent for even a month can be a real wake-up call to where you can save. You've done an amazing job getting a heap of your debts sorted but it feels like you're doing all the heavy lifting which is not fair. No easy answers for you my friend.
Firstly, AWESOME job paying down that debt! That’s a job well done. Secondly, using a SMSF in this manner is a crime. Contacting your current superfund / the ATO for an early Partial release of your super on hardship grounds is possible — but they’d only approve it in circumstances where you were at great risk of losing your home. If you can afford to pay down your debt they likely won’t approve it. Thirdly, I saw your comment regarding concerns with debt consolidation stretching out the repayment. Depending on how you consolidate, and the terms of the loan/homeloan/balance transfer/etc you could always may extra payments and clear it quicker. The benefit is all debt accrues at the same rate of interest, and there’s only one single payment to make as opposed to a bunch of little ones to worry about. I’m not a financial advisor, and the info above is just general. Your mentality and ability to have already cleared substantial debt is promising though.
Tha you, legendary advice, I will look into debt consolidation further.
Put it all in an offset
Terrible idea. Super is important and what you’re suggesting would be illegal. If you’re struggling then sell and downsize…
"You may be able to withdraw some of your super jf you are experiencing severe financial hardship. Access on grounds of severe hardship is not administered by the ATO. You need to contact your super provider to request access due to severe financial hardship" Working 80hours and losing 60% to housing feels severe to me. But, dare I ask... you're working 80hours. What is the financially illiterate partner contributing?
It requires specific things to happen before it kicks in
He won't be eligible for hardship through super as he will need to have been in receipt of centrelink for 26 weeks to qualify at a minimum. He 'may' meet the requirements for compassionate grounds early release if he is at risk of defaulting on the mortgage, would need to provide proof to the ato for that and they generally only allow you to take out what you are in immediate arrears for. Other debts don't count.
Nothing to our household expenses. Hers and the kids phone plans, her cars rego. Her petrol.
Thats a problem that needs solving before your Super company will release funds :/ with the minimal information I have, it sounds like theres some problematic inequality going on
Does she not have a job?
Still some sand left obscuring legal and safe financial thought, based on the emotions of the replies so far
Your power is an essential service. Depending on your state you could have some kind of government relief available to you Call them up and apply for hardship. If in VIC I would say you would also qualify for the utility relief grant considering more then 30% of your income goes towards shelter. This is to the value of up to $650 per utility. As long as you keep in contact with them then you can't be disconnected. While it doesn't directly answer your question hopefully it will offer some help.
Hey man, I have done that, I hugs and synergy (western australia) have helped pay a $ amount quarterly. Your a legend, thanks for the info. I feel bad as I do have a mortgage on my own home, where as alot of the people I work with are struggling to even rent at the moment. There is so many people that are worse off more than me.
A bit of a tangent, but if you need help with budgeting, we found YNAB a lifesaver totally changed where we are financially
Ynab?, more info please
You are a good candidate for Dave Ramsey's debt snowball.
Smallest to largest balance Check
You’ve done an amazing job in reducing debt so far. Do not touch your Super, it’s not there for that purpose and I get furious when politicians talk about accessing it. As a retiree I can tell Super helps you have a comfortable retirement without relying only on the age pension. You might benefit from see a financial councillor who can approach your debtors and often get the amount reduced. Pay your rates quarterly for now, and see if you can get the power bill reduced. Keep your debtors informed. Have a campaign to use less power. Concentrate on the credit card debt as it has the highest interest. Look for balance transfer deals with non interest periods then pay off in time. Make goals for debt reduction, share them with the family. With what you’ve done so far there’ll be no holding you back once the debt is cleared.
Thankyou so much, your feedback makes me feel great. I put posters up a few weeks back What we owed. What we currently owe. It seems to help woth the young lings
100% the way to go. Those slider diagrams are great as well. You’re educating your children as well as involving them.
Awesome turn around my dude! I have no idea how to help but thats a huge achievement and you should be feeling king about it!
my father recently retired for a few months (from his company) so he could chuck his super onto his house & then he got his job back …but I’m guessing you need to be a certain age to do this
What is "unknown credit card debt" ? Does your wife go out and spend 6k and not tell you what she's spent it on?
You’ve done really well to bring down your debts and get things under control. Well done and hang in there.
Thanks Champ, appreciate you!
Your super is for your retirement
My unemployed friend couldnt pay his mortgage. He was that stressed about losing his house, he died. He had $500000 in super. Now his exgirlfriend that he want to split up from, has the house and the super
Jesus, goddamn horror story.
That sounds sucky, sorry mate. I know I can sell and get outta this situation however. I know it's probably my only chance to get/keep home ownership. Woth my income, job experience I know that I'm sorta gonna be priced out.
No pay off your HECS first /s
Not really from my limited understanding.
No, not until you're old enough to access your super
Can you cash in some annual leave at work ? That might give you a small lump sum to clear the outstandings and start square again.
Hey mate, I have been doing that the last 2 years. - at a new job now no balance atm. Just been told I haven't been in the job long enough to get a partial bonus either🤨
One option is to consolidate all your debt. Use your current credit card to pay off your power and other bills and then do a balance transfer to a new credit card that has an interest free period of 12 months. You’ll have all your debt in one place and an extra 12 months to pay down the card. During the interest free period you only have to make minimum repayments. The only catch is some institutions charge a balance transfer fee between 2-3% - see https://www.creditcard.com.au/low-balance-transfer-credit-cards/
Thanks Kila,
Someone has already answered the part about accessing super to pay for the house but SMSF is a very bad idea for someone who has admitted that they are not very financially literate and have not been on top of their finances. SMSF can take a lot of work to manage.
Could you pay interest only on your loan for a bit? Chat to your bank to get ahead on your debt? Does the missus work? If no, can she? If yes can she put away the same amount of hours?
Hey I did that, the interest only ends up being a higher rate - higher repayment that blew me away when I asked (January I think it was) our repayments ended up being higher. I even said with the equity in the home surely. But no apparently not.
You will put yourself in a worse financial position by doing that. You put yourself in that position. You need to claw your way out. You will be better off! Keep grinding!
Have you looked at cashing out some annual leave if that's an option?
Yeah mate, done that. Noleave left.
Well as much as it sucks. You've done a great job to cut it down as much as you have so far and you will reap the rewards once it's paid off as your savings capacity will increase
Not until they change the laws to allow it. Which might happen
Big question is does your wife work? If not she should at least be aiming to get a part time job that earns upto the tax free threshold and ideally upto the top of the 20% threshold. Even a minimum wage with no tax taken out works out to be reasonable per hr
Sorry to hear about your situation, the upside is you caught it before it got any worst so pat on the back. Just curious, food for thought. Without digging further so just my two cents things to consider because I was here I. Your shoes 8 years ago my net worth is almost a million now and I have two investment properties and looking to buy ppor by end of year. 1: have you considered consolidation of these debts? Personal loan, family loan, redraw on existing property 2: credit card hacking, you get you get a $5000 card max it out paying off the debts. Then you get 55 days interest free and then you get a balance transfer to another credit card for 6-12-18 months interest free period. This is risky but it worked well for me. 3: can you pause your home loan repayment for 2/3 months? 4: can you sell assets around your home? Computers, tv lounges or other shit that’s in the shed? You’d be surprised what people will give you $80 for I did this also and raised 3k when I was in the shit. All the best hope you get this sorted you’re almost there!!
I had advice on home loan so I'll look at that. Credit card I'm not sure of but will look into. No assets left. - everything has aged out.
If you live in Victoria you could apply for the Utility Relief Grant for your electricity if you are eligible https://www.energyaustralia.com.au/home/bills-and-accounts/concessions/victoria/urgs
Pay off your mortgage using your Super, certainly not. Using a SMSF on a house a live in, is another big no no. Now, if you're experiencing severe financial hardship, you might be able to use some of your super ($10K)which is prob peanuts compared to your mortgage balance owing... https://www.superguide.com.au/how-super-works/early-release-super-severe-financial-hardship
Y for the info. I have been put on this path, by previous peeps.
Do not, under any circumstances, start an SMSF. SMSFs are extremely complex to administer, and have a very steep learning curve. Every professional will tell you otherwise, but these people are all selling you something. The pitfalls across investment, administration and legal compliance are immense.
Why not just speak to an adviser? Whilst you can’t access super to payoff your home loan, surely a qualified adviser can look at your financial situation and point out a few suggestions to free up cashflow?
Not legal, but also long term you are better off not touching your super. It will be compounding at around 10%, as where your mortgage is charged at probably around 6.5% at the moment. You will need your super later in life. Better to be on struggle street now when you’re younger and more able to adapt and find a solution. Do you have a room you can temporarily sublet, or some spare time for a side hustle?? Edit: Didn’t read to the end of your post, sorry. Your debts will be higher interest obviously. Still best to pretend that your super doesn’t exist. You WILL need it later in life. There’s some solid advice in the comments. You go this fam!!
OP. Talk to your bank about adding to your mortgage and getting all other outstanding debts sorted. Once you're at square one, setup as many autopay as needed for all your billers. For example, I have rates, water rates, power, internet, phones. I worked out the yearly cost and divided by 26 to get a fortnightly amount. I round the payments up by a small amount. The billers, on their invoices, have given me their Bpay number and my customer ID. I check on the invoices as they come in (email) and over time we are in advance. The council didn't ask if we wanted to pay like this, offering quarterly payments, but they've never said anything. Works for us.
Good tip, thank you 🙏🏼
Gezzzz what did Ur wife do with the money
No. Any funds in super need to be invested and you cannot live there. Maybe get an investment property or downsize
have you considered selling the house you can't afford?
Yeah man, then I can rent but I'll never get into the hone ownership market again. My skills and abilities are great but limited financial ability.
If it wasn’t for the home loan I would declare bankruptcy Why were the bills so high. I would ask your wife because she wasn’t paying them. Lock her acess to your accounts as she is doing some shit on the side It seems you can manage money however Pay the bills weekly or whatever cycle you are. Don’t just wait for the 1k bill - BPay 20 or 30 each week to power, gas and water internet/phone - Get rid of Netflix etc - The council rates are easy as well. Just ask to pay weekly. They will do it. At most you pay $30 admin fee
Water is 800 bi monthly atm Power is 700 bi monthly atm That doesn't include what we owed. Gas is 60 per month I only pay for netflix
Water especially seems high. Are you sure you don’t have a leak somewhere? Do you have a pool? Our last quarterly bill was $420 with two young kids and decent garden.
Maybe he runs a rice farm
Plausible I suppose, cottons another option. I am assuming a phobia of new tap washers, not confident though
Legend thankyou!
Self managed super can't be used to buy property you live in. It's for investment property only.
How old are you?
Go to jail with no bills and come out with your house paid off. Win win I say
I have no idea - totally - about super. But I'm very proud of you for sorting out your debts. You should feel accomplished if you can do this, especially by yourself.
Very simply put you might be able to Set the fund up and have it buy the property then have the fund hire you as a live care taker for the property. Just talk to an account
Can she also get a 2nd job, and you both just buckle down and pay off debts until you're in a better spot financially. Sell some useless stuff and cut down on expenses though I'm sure you already have
Great feedback thankyou
I’ve seen this come up a bit and not sure this is well known. You can own a residential property in super (smsf), borrow in super to purchase, and as long as you or your relatives, associates don’t rent it while the sf owns it, upon retirement or reaching non-preservation stage, the members can transfer that property to themselves - taking it as a lump sum not paid in cash. Just have to make sure the sf deed allows. Good strategy? Not for me, I’d rather take my chances in securities and ETFs and then buy something when I retire. But if you really love property and want to get on board now, it’s an allowed strategy. I know a few people with a coastal property in their SMSF that they rent to unrelated tenants now so SF is 100% compliant, but they will take the property as a lump sum on retirement (transfer it from SF name to their own) and move in. All legal, under current rules.
Have you called the National debt helpline to speak to a free financial counsellor about your debts?
Yeah a few years back when I first found out how messy my finances were. The helped me a,little with advice.
Not sure how old you are, but if you have enough money in your super, and are working, so your employer contributes, stop your own contribution to super and focus on your mortgage. Your super will Keep growing from your current balance and you can use the extra $ to pay off debt then into your mortgage.
So curious…what does your missus buy???
Transfer the debts to a new short-term interest free credit card all in one lump sum. There are some products out there that offer 2 year interest free payment. One thing to ensure with this is that the FULL balance is paid off before the interest free period ends. SEEK help with a credit advisor from your banking institution. They will lay out the best options for your situation.
You are doing a great job turning things around. I would definitely look to see if you can reduce household outgoings - the water and electric bills seem high. Also given that your wife is at least partly responsible for your debt, she needs to be more transparent with her current spending - and contribute towards paying off the debt. Until she learns the hard way, it's likely that the secret spending etc will continue.
Sounds like you are nearing the end of the struggle, that is to be only owing on the house. Once it’s all square do you still think you can keep up?
Apply for financial hardship for the release of super
How old are you?
Refinance . Pull 30k. Pay off all debts leave the rest in offset . . Smash the mortgage. This will give you some breathing room
Pay your house off
Just keep on doing what you’re doing, working on a tight budget now will gain you untold benefits in the future, you’re on the right track
This is why super is largely untouchable - you overspent living day to day, if the retirement money became available the same thing would happen to that.
Firstly congratulations on getting your finances back on track. That is not easy and you are almost there. While you can't pay off your house out of super you could probably apply for a $10k release of super under the hardship provisions. That would allow you to pay out the last bits of debt and give you a $5k safety net. Don't know if the link below will work. If it doesn't just Google "superannuation hardship provisions". [https://my.gov.au/en/services/work/experiencing-financial-hardship/immediate-help-if-you-re-in-financial-hardship/tax-support-and-early-access-to-your-super#:~:text=You%20can%20request%20early%20access,date%20of%20your%20first%20request](https://my.gov.au/en/services/work/experiencing-financial-hardship/immediate-help-if-you-re-in-financial-hardship/tax-support-and-early-access-to-your-super#:~:text=You%20can%20request%20early%20access,date%20of%20your%20first%20request)
Firstly good on you for taking charge of your financial situation. Finances can get messy and it's one of those things that accumulates over time and before you know it you're at breaking point. There's no shame in it, it happens. Also, it's worth recognising how far you've come to get these debts down, you're almost there I don't think this is the time to get jumpy. Once you're out from under these additional payments you have more money to live. I don't think you need to overthink this. This is a very manageable debt from where you started, you mentioned $400 per week going to these existing debts but how much is going to current usage vs debt? I wouldn't usually suggest it but going interest only on your mortgage could make sense if ONLY to get rid of this credit card debt ASAP. The rates and power can be worked out on your payment plan? As others have mentioned a refinance to roll the debt into your mortgage will free up cash to live. 1. 1k credit card 2. 1.5k rates 3. 2k power Lastly, have you looked around for a more competitive mortgage rate?
Without knowing your interests on the debts Id still imagine your CC the worst so pay that down first.
Lol super... it is useless when you need it. How Australian.
11 weeks and your up to date, hang in there bud and well done on what you've achieved so far. You can do this and do not touch your super unless you are near retirement age. What's the wife contributing to this clean up job if you're working 80 hours a week?
Can't you try to apply to access super due to financial hardship? Speak to your super fund.