• to enable the person to make a payment on a loan, to prevent foreclosure of a mortgage on the person’s principal place of residence; or
• to modify the person’s principal place of residence, or vehicle, to accommodate the special needs of the person, or a dependant, arising from severe disability.
On its face, it does not sound like Amelia and Thomas fit into the categories. However, in the past, APRA has granted release in similar circumstances. This was on the basis that it would be making it for “medical treatment”. Accordingly, an application to APRA is certainly “worth a shot”.
If APRA makes a positive determination, Amelia and Thomas will only be able to withdraw a lump sum of a size that is determined by APRA. In the 2009-10 year, APRA approved 64.5 per cent of all compassionate grounds requests. That is, 10,539 out of 16,331. The average amount released per application in 2009-10 was $10,544.
Bryce Figot is a senior associate with DBA Lawyers. He can be contacted on bfigot@dbalawyers.com.au
