Hughes, who starred as Martin Kelly in the TV comedy from 1987 to 1994, was sentenced in 2014 to a maximum of 10 years and nine months in prison, which is due to expire in January 2025.
The 73-year-old previously had been knocked back twice by the NSW State Parole Authority.
But on Thursday it accepted expert evidence he had consistently been assessed as a below-average risk of sexually reoffending.
The SPA acknowledged the "profound and deleterious effects on the victims ... continue to this day and will probably be lifelong consequences."
"It must be particularly galling for the victims to observe the offender's continued and obstinate denials in the face of compelling and overwhelming evidence from multiple witnesses," SPA Chairperson David Frearson said.
Hughes was jailed after a jury found him guilty of 10 charges relating to sexual and indecent acts perpetrated on four young girls in the 1980s and 1990s.
His former on-screen daughter and victim Sarah Monahan was present for his third parole hearing, saying she wanted the child sex offender to know she was there.
"He's an old man and he's frail but they don't change, and he's a denier. He still thinks he hasn't done anything."
While the allegations against Hughes were raised in the 1990s, it took a paid television interview with Ms Monahan in 2010 to spark a broad police investigation into claims of sexual misconduct by the actor.
The SPA noted Hughes and his wife had given undertakings that once in the community, he will seek treatment from a clinical psychologist specialising in convicted sex offenders who deny their crimes.
This would assist with his reintegration and reduce his risk of re-offending.
He will be released on a date no later than June 14.
