What is the housing Advance Scheme?
The main aim of superannuation is to ensure people save for a financially secure lifestyle in retirement. Because of this, there are restrictions on withdrawing money from your super account. However, the Papua New Guinea super laws recognise the need for appropriate housing in our society. This allowed for members to access 100% of their own contribution for Housing Advance before retirement.
The advance can only be used to finance your principal residence. This is defined as the house that you live in and go to work from, or that you will live in after you retire.
If you meet the eligibility requirements and are granted a Housing Advance, you can use it to purchase an existing house, construct a new house or undertake renovations, extensions or improvements.