KiwiSaver is a voluntary savings scheme that can help you reach your big goals in life, whether that’s buying your first home or saving for a comfortable retirement. You can make regular contributions from your pay or directly to your scheme provider.
Withdrawing from Kiwisaver is simply removing funds from your account. To do this without penalty that could arise, certain conditions must be met and kept at heart.
1. You must be in KiwiSaver for at least 3 years before you withdraw funds for your first home.
2. You can withdraw only withdraw the following
• your contributions
• your employer’s contributions
• the government contribution
• interest you have earned
• fee subsidies.
3. You must leave $1,000 in your account. Funds transferred from an Australian Complying Superannuation scheme cannot be withdrawn.
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Steps on How to Withdraw from Kiwisaver
The first stage in the withdrawal process is determining how much money you will be authorized to withdraw; contact your provider for an estimate.
Fill out the withdrawal application form given by your provider once you’ve gotten an estimate and are ready to apply for your first home withdrawal.
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Originally posted on June 20, 2022 @ 3:05 pm
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