KiwiSaver significant financial hardship withdrawal

Your KiwiSaver savings are a long-term investment meant for your retirement. So generally your money is locked away until you're 65. 

How much you can withdraw early is restricted and decided by The New Zealand Guardian Trust Company Limited (our independent scheme supervisor). Your application will only be approved if you meet eligibility requirements. 

We'll need a lot of information from you. If your situation is complicated, it's likely we'll ask for more information.

You'll get an answer within 8 business days of applying. If approved, you'll get the money within 20 business days of applying.

The amount you could take out is determined by assessment of your financial situation and the information and evidence you provide.

Generally, the amount approved is intended to:

• Cover the gap between your income and your minimum living expenses for a three-month period only
• Pay any overdue bills or payments, but not your entire debts.

You can only take out money you and your employer have put in, plus any funds transferred from an Australian complying superannuation scheme. 

You can’t take out any of the Government contributions, or the $1000 kick-start.

Call us if you prefer to speak to someone regarding the process and what could be potentially available to withdraw under significant financial hardship. You might not be approved to withdraw the full amount we estimate.

If you continue to experience significant financial hardship, you can reapply three months after the date of your withdrawal. When reapplying, you need to go through the full application process again.

If your application was declined, we can only reassess it if:

• You can provide new information (e.g. bills, evidence of expenses)
•  Your financial situation changes (e.g. job loss).

You can contact us to discuss reassessment. Call us on 0800 736 034 or email service@anzinvestments.co.nz.

Significant financial hardship includes when you can’t pay for:

• Minimum living expenses like power, water and food bills
• Mortgage, rental or board payments
• Home modifications needed to meet special needs, if you or a dependent family member is disabled
• Necessary medical treatment for you or a dependent family member
• Funeral costs if a dependent family member dies.

A dependent is someone fully financially dependent on you. They could be a partner, child or another family member. Pets are not considered dependents.

You will need to prepare evidence that you’re suffering significant financial hardship, as well as showing that you’ve used, or looked into, all other reasonable sources of funds. The kind of evidence you need to provide will depend on your situation. For example, have you:

• Used your savings
• Cashed-in investments or shares
• Asked your bank how they can help, e.g. restructuring loans or mortgages
• Talked to Work and Income New Zealand (WINZ) about getting financial support.

Citizen’s Advice Bureau provide free budgeting services – find a Citizen’s Advice Bureau

The Sorted website has tools and information on overcoming debt and sorting everyday finances – Sorted

If you need help completing the form, call us on 0800 736 034.

The Citizen’s Advice Bureau can help with the household income and expenditure sections of the form – Citizen’s Advice Bureau.

Applications are assessed based on your total household income, assets and expenses.

You’ll need to be able to provide information about you, your partner, and any household members who contribute financially to the day-to-day running of your home.

If you’ve recently separated from your partner, you don’t need to include their information in your application. But you’ll need to provide evidence, like a court order confirming legal separation or a letter confirming you’re responsible for your household finances.

This is a declaration that your application is complete, true and correct. An authorised witness needs to see you complete and sign the Statutory Declaration, then they sign it in person (not digitally or over a video call)...

Who can witness:

• Justice of the Peace – find a Justice of the Peace
• Notary Public – find a Notary
• Barrister and solicitor of the High Court – find a lawyer
• Registrar or Deputy Registrar of the Supreme Court, High Court, a District Court or Court of Appeal
• Any other person authorised by law to take statutory declarations.

Check that you have included all required information. Missing information will cause delays in processing your application.

Return the completed form and supporting documents:

• Email to earlywithdrawals@anzinvestments.co.nz
• Post to ANZ Investments, Freepost 324, PO Box 7149, Victoria Street West, Auckland 1142.

1. We check that your application is complete and contact you if we need more information.
2. Your application is sent to The New Zealand Guardian Trust Company Limited (our independent KiwiSaver Scheme Supervisor). They make the final decision on your application based on your circumstances and the requirements of the KiwiSaver Act.
3. We’ll let you know the outcome of your application by text, email or letter.

We aim to pay your withdrawal within 20 business days of us receiving your completed application, if your application is approved. 

It may take longer if there are public holidays, or we need to ask you for more information.

Money sent overseas may take another 10 business days to clear and show in your account.