When can you withdraw your KiwiSaver funds?
You’re buying your first home
KiwiSaver can be a great (and often necessary) means of helping you get into your first home but it’s important to remember that it’s first and foremost for your retirement.
Make sure you consider all aspects of withdrawing for a first home, including how much you’d like to have when you retire, how much of it you need now for your first home, and how much you will keep contributing to it.
There are a few things to keep in mind when withdrawing from your KiwiSaver fund for a first home deposit:
You’re experiencing financial hardship
If you’re experiencing significant hardship, you might be able to withdraw some of your savings. However, the criteria is very strict and should be considered a last resort.
Your provider will require solid proof of your hardship such as bank statements, payslips, expenses and any demands made against you (eviction notices). It takes time for your provider to consider and it may take weeks, even then they might still say no.
You might be eligible if:
If your provider grants your request, they might not give you access to all of your KiwiSaver money, only enough to alleviate the hardship.
If you think your hardship is only temporary you can apply to suspend your contributions, that way it’s frozen and ready to grow once you’re back on your feet.
You’re leaving New Zealand
You can apply to withdraw your KiwiSaver fund if you have lived overseas for one year, unless you have been in Australia. If you’ve emigrated to Australia, you can transfer your funds to an Australian superannuation scheme.
If you’ve moved anywhere else in the world, you can withdraw your KiwiSaver funds by submitting an application. It must include proof of evidence such as permanent residency, letters from employers, rental or sale agreements and bank statements.
Get in touch with our friendly team today to talk about your KiwiSaver!
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