Financial hardship withdrawals

Are you thinking of making a KiwiSaver hardship withdrawal?

We understand that sometimes things don’t always go according to plan and your personal circumstances can change suddenly. Below, we provide information you may like to consider when thinking about making a hardship withdrawal from your KiwiSaver funds.

  • You can access the free and confidential support of a financial mentor through the Money Talks helpline. Start by visiting the Money Talks website.
  • You can find a variety of tools to work through your finances on the Government’s Sorted website.
  • If you have a mortgage, you can talk to your bank to find information about support they may be able to offer if your circumstances have changed.
  • If your situation has been impacted due to the effects of COVID-19, you can find information about financial support available on the governments COVID-19 website.

If after reviewing the information across these websites, you would like to proceed with a hardship withdrawal, please read below.


KiwiSaver hardship withdrawals

You can withdraw money from your KiwiSaver account due to significant financial hardship. A decision on a withdrawal of this nature is made by the supervisor of your KiwiSaver scheme. You will also need to provide evidence.

Significant financial hardship is defined as:

  • An inability to meet minimum living expenses, such as food, power or transport costs. Minimum living expenses do not include credit card debt, travel, hire purchase payments, fines etc. 
  • An inability to meet rent, board or mortgage repayments on your main family home resulting in your mortgage provider seeking to enforce the mortgage on your home
  • The cost of modifying your home to meet special needs arising from your or a dependant’s disability
  • The cost of medical treatment for your or a dependant’s illness or injury
  • The cost of palliative (long-term relief) care for you or a dependant
  • The cost of a funeral for a dependant
  • When you’re suffering from a serious illness.

The supervisor must be satisfied that all reasonable alternative sources of funding have been exhausted. They will also require a statutory declaration about your assets and liabilities. 

Withdrawals issued due to financial hardship are only able to be paid from money you and your employer have contributed into your account, as well as any investment earnings. Australian superannuation savings you have transferred to New Zealand may also be assessed for withdrawals. Government contributions are not able to be assessed for payment.

You may also wish to find out more about taking a ‘savings suspension’.

To make an application for a significant financial hardship withdrawal complete the withdrawal form and return it to us with supporting evidence, or contact us and we can assist you.

The more information you provide with your application, the better it will be able to be assessed. Requests for additional information can increase the processing time.