KiwiSaver is a long-term retirement savings scheme, so your money is locked in until 65 in most cases. There are several situations in which you may be able to take some or all of it out earlier, each with its own conditions, and several common situations (redundancy among them) that do not qualify.
You can withdraw your KiwiSaver when you turn 65. Before then, Inland Revenue lists these early access situations: buying your first home, significant financial hardship, serious illness, a life-shortening congenital condition, and moving overseas permanently (after 1 year living overseas, not Australia). If you move permanently to Australia you can transfer your savings to an Australian superannuation scheme. On death the balance goes to the member's estate. What you can take, including whether the government contributions come out, depends on the situation.
The Main Rule: Withdrawing at 65
KiwiSaver savings are locked in until the age of eligibility for NZ Superannuation, currently 65. At that point you can withdraw some or all of your savings, or leave them invested; the options and any exceptions are covered in KiwiSaver at 65.
The Main Early Access Situations
| Situation | Key condition | Government contributions | Full guide |
|---|---|---|---|
| 1. First home | 3 years in KiwiSaver; you must leave $1,000 in your account, and savings transferred from Australia can’t be used | Can be withdrawn, except those for periods when NZ was not your principal place of residence | First-home withdrawal |
| 2. Significant financial hardship | Evidence of hardship; you apply through your provider | Not available: only your and your employer’s contributions | Hardship withdrawal |
| 3. Serious illness | Illness, injury or disability that permanently affects your ability to work or poses a risk of death | Can be withdrawn | Serious illness withdrawal |
| 4. Life-shortening congenital condition | Life expectancy below the NZ Super age (currently 65) | Can be withdrawn | Serious illness withdrawal |
| 5. Moving overseas (not Australia) | Living overseas for 1 year | Cannot be taken out | Leaving NZ |
| 6. Moving to Australia permanently | Transfer to an Australian superannuation scheme (not a cash withdrawal) | Those received while you lived in NZ go with the transfer | Leaving NZ |
| 7. Death | Balance is treated as part of the member’s estate | Part of the balance | Death benefit |
Inland Revenue’s early access guidance also covers bankruptcy, relationship property and paying a tax liability.
1. Buying your first home
If you have been in KiwiSaver for at least 3 years you can withdraw your savings, including the government contributions, towards your first home, but you must leave $1,000 in your account, and money transferred from an Australian complying superannuation scheme can’t be withdrawn. Providers’ forms also say government contributions received for periods when New Zealand was not your principal place of residence are deducted from the withdrawal. Eligibility, the amount and the application steps are in the KiwiSaver first-home withdrawal guide.
2. Significant financial hardship
Significant financial hardship has a narrow meaning: it includes being unable to meet minimum living expenses, being unable to pay the mortgage on the home you live in when your lender is seeking to enforce it, medical treatment, home modifications for special needs, palliative care for you or a dependant, and funeral costs for a dependent family member. If your provider accepts your application you can only withdraw your and your employer’s contributions; the full criteria, evidence and process are in the KiwiSaver hardship withdrawal guide.
3. Serious illness
Inland Revenue’s serious illness ground covers an illness, injury or disability that permanently affects your ability to work or poses a risk of death, and an approved withdrawal can include the government contributions. Evidence and how to apply are in the KiwiSaver serious illness withdrawal guide.
4. Life-shortening congenital condition
This is a separate health ground for a congenital condition that lowers your life expectancy below the age of eligibility for NZ Superannuation (currently 65). Your KiwiSaver provider applies for you; see the serious illness and congenital condition guide.
5. Moving overseas permanently (not Australia)
After you have been living overseas (not in Australia) for 1 year, you can take out most of your savings, but not the government contributions. The details are in withdrawing KiwiSaver when leaving NZ permanently.
6. Moving to Australia permanently
A permanent move to Australia doesn’t open the 1-year overseas withdrawal. Instead your savings can move into an Australian super scheme, which is optional: transferring KiwiSaver to Australia covers how, and leaving NZ covers the rest of the move.
7. Death
When a member dies, their KiwiSaver balance is treated as part of their estate and dealt with under their will (or the intestacy rules if there is none). A provider may choose to pay up to $40,000 to an eligible relative without probate or letters of administration. Who can claim and what the executor needs are covered in KiwiSaver when a member dies.
Redundancy Is Not a Withdrawal Category
Losing your job does not, on its own, let you withdraw KiwiSaver; you would have to meet the significant financial hardship criteria, and your redundancy pay and other resources count in that assessment. See can you withdraw KiwiSaver if you are made redundant?.
What Is Not a Valid Early Withdrawal Reason
| Situation | Can you access KiwiSaver? |
|---|---|
| Lost your job or made redundant | No, unless you meet the hardship criteria |
| Want to invest the money elsewhere | No |
| Buying a second home or investment property | No: the first-home withdrawal is for your first home only (see KiwiSaver and investment property) |
| Credit card or personal debt | No |
| General medical bills | Only if they meet the hardship criteria |
| Relationship breakdown or divorce | No withdrawal ground applies on its own, but savings may count as relationship property; see KiwiSaver on separation |
Hardship is assessed case by case, and your provider must be satisfied that you have used up reasonable alternative sources of funding first. If the problem is paying contributions rather than needing the savings, a savings suspension pauses contributions without withdrawing anything.
Locked In Until 65, Not Locked In Forever
Reaching 65 ends the lock-in: there is no requirement to withdraw at that age, and you can take money out when you need it or leave the balance invested. How withdrawals after 65 work, and what to weigh up when you stay invested, is covered in KiwiSaver at 65.
Frequently Asked Questions
Can I withdraw KiwiSaver to pay off my mortgage? Not in most cases. The hardship ground covers being unable to pay the mortgage on the home you live in when your lender is seeking to enforce the mortgage, but providers do not generally release savings just to repay a debt in full.
Can I use KiwiSaver for a second home or investment property? No. The first-home withdrawal is for your first home only.
Is there a minimum membership period for hardship or serious illness withdrawals? No. The 3-year requirement applies to the first-home withdrawal. Inland Revenue handles hardship applications, and serious illness applications from people who receive salary or wages, only in the first 2 months of membership; after that you apply through your provider.
Can I access KiwiSaver early because I have never owned a home? Not on that basis alone. The first-home withdrawal is for buying your first home, so the money is released for a purchase, not because you have never owned property.
How long does a withdrawal take? It depends on the type; see how long a KiwiSaver withdrawal takes.