You can withdraw your KiwiSaver money if you emigrate permanently from New Zealand. Different rules apply depending on where you move:
Moving to Australia
If you are moving to Australia, you will need to transfer your KiwiSaver account to an Australian regulated superannuation scheme. You should check with your Australian provider before starting the transfer process as not all Australian Superannuation schemes will accept New Zealand KiwiSaver balances. You must transfer all of your KiwiSaver balance including all Government contributions.
You can make this transfer immediately.
Elsewhere
If you are moving elsewhere, you may be able to withdraw your KiwiSaver balance after one year of being overseas. You will be able to withdraw your contributions and any investment returns but not any government contributions.
For this, we will need a statutory declaration from you stating you have permanently emigrated from New Zealand, evidence that you have departed (for example, your passport records) and that you have lived at an overseas address at some time during the year after your departure. We will only pay the funds into a foreign bank account.
In both cases, you should get in contact with us ([email protected]) and we can help you figure out what is best for you.
If you return to New Zealand, you can rejoin KiwiSaver scheme if you're eligible.
You can apply for an early withdrawal of funds if you’re suffering significant financial hardship – for example if you’re unable to meet essential living and/or medical costs.
You’ll need to show that you’ve exhausted any reasonable alternative sources of funds, and if your application is granted, the amount you withdraw can be limited to a specific amount to meet your hardship requirements.
To learn more about hardship withdrawals you can visit the KiwiSaver website.
If you would like to apply for financial hardship or want some more details, please get in touch with us here
KiwiSaver is a product that has been designed to help people save for their retirement at 65 or save for their first home.
You can access your savings for:
- Retirement when you're 65
- Purchase your first home
- Emigrating overseas
- Suffer financial hardship
- Serious illness
You can withdraw your KiwiSaver balance from the age of 65.
You can withdraw everything then, but we recommend you take money out over time as you need to make sure that your KiwiSaver money lasts for the rest of your life.
KiwiSaver is an investment to help fund your retirement. At 65, you are free to withdraw all your money and do what you want with it. But you can keep your KiwiSaver account open and earning returns for you, as you take money out when you need it. You will no longer receive government money and your employer is no longer obligated to pay a contribution but may offer to.
We believe that for most people, it is far better to leave the money invested in their KiwiSaver plan so that it can continue to grow at a faster rate than a bank saving account. At 65, you have another 25-30 years in front of you so you can continue to invest a proportion of your funds in growth assets. Kōura will take care of this for you.
Get in touch early if you are considering withdrawing for your first house so we can confirm you are eligible and we can process your application before you settle on your property.
You can withdraw most of your KiwiSaver balance to purchase a home if:
- You have been a KiwiSaver member for over three years;
- You intend to live in the home (rather than rent it out); and
- You have not previously purchased a home
- The house is located in New Zealand
You will be able to withdraw the balance of your account leaving a minimum balance of $1,000 in your account as well as any Australian-sourced superannuation.
It will take us at least 10 working days to process your application and we are unable to process applications after you have already settled on your house - we need to approve your withdrawal before you settle.
When you start looking for a house, we recommend getting in touch with us so that we can confirm you are eligible, confirm the balance you will be able to withdraw and understand your timeline.
Create your Kōura portfolio now!
If you’ve owned a home before, in some circumstances you may still be eligible to withdraw your savings to buy your home. Kāinga Ora will need to determine that you’re in the same financial position as a first-home buyer - contact them directly.
Find out more at the Kāinga Ora website
Email [email protected]
Or call 0508 935 266.