Making a withdrawal.

2min read
Posted 10 April 22

Making a withdrawal from KiwiSaver typically requires either one of two things you have to be buying your first home or retiring and have contributed to KiwiSaver for at least three years. 

KiwiSaver providers put these restrictions in place to make sure you're serious about your decision to withdraw KiwiSaver funds — there's no point in withdrawing money before you've had time to save!

The amount you can withdraw includes:

  • Everything you put into KiwiSaver.
  • Your employer's contributions.
  • Any interest you earned.
  • Any fee subsidies, which are benefits given to you, like cash payments or tax reductions.

Note that this doesn't cover the Australian Superannuation Scheme, which isn't part of KiwiSaver.

Early withdrawals.

There are instances where you can apply for an early KiwiSaver withdrawal. These include:

  • Hardship or bankruptcy
  • Serious illness of your or a dependent family member
  • Unexpected costs such as home modification for unique disabilities or funeral coverage
  • Transfer of funds for moving overseas

If you're withdrawing in the first two months, you'll need to contact the IRD for an early exit. Otherwise, you can speak directly to your KiwiSaver provider.

You should also expect some delay when transferring your KiwiSaver overseas. Whilst the Australian superannuation scheme is similar to KiwiSaver other countries have further differences in their saving scheme programs. 

At the most, you may have to wait a year before you can transfer your savings over.


Stop! Disclaimer!

Info and tools on the Yonda website are to be used as a guide only and do not constitute financial advice. Use Yonda as a starting point and then seek professional advice.