Choose how your savings are invested

The OneAnswer KiwiSaver Scheme has 13 funds. You can choose between them by:

Selecting our Lifetimes option, where your savings are moved through some of our funds based on your age. The key benefit is that you're always invested in a fund that has levels of risk and expected returns that are considered appropriate for your age.

OR

Selecting from our 13 funds yourself. This is a good option for hands-on investors who will review their fund choice on a regular basis or for people who are looking to buy their first home in the future.

If you’re automatically enrolled in the OneAnswer KiwiSaver Scheme, your savings will be invested in our Lifetimes option. 

How it works

Our Lifetimes option is not a separate fund. When you select the Lifetimes option, at any one time your savings are invested in one of our five multi-asset-class funds or in our single-asset-class Cash Fund, based on your age.

As you get older and reach the next age range, we move your savings to a different Fund. For example, during the month you turn 46 we’ll switch you from the Balanced Growth Fund to the Balanced Fund. We keep doing this until you turn 65, when your savings will be invested in the Cash Fund until you withdraw them.

The key benefit

You’re always invested in a fund that has levels of risk and expected returns that are considered appropriate for an average person of your age. 

About our multi-asset-class funds

Each multi-asset-class fund invests in a variety of asset classes, including cash and cash equivalents, fixed interest, equities and listed property. They may also invest in alternative assets. The main asset classes can be grouped into two categories, growth assets (equities and listed property) and income assets (cash and cash equivalents, fixed interest).

 

 

Growth assets are likely to experience larger movements in value compared to income assets. However, they are also expected to achieve higher investment returns over the long term. This concept is the ‘risk/return’ relationship.

We offer a range of funds that invest in a different mix of growth assets and income assets. Depending on the mix of assets, each fund has a different risk/return profile.

If you’re seeking:

• higher returns, you need to be willing to accept more risk (for example, by investing in a fund with more growth assets)

• lower risk, you need to be willing to accept lower returns (for example, by investing in a fund with more income assets).

More help on choosing a fund

If you want help choosing from our funds:

  • complete the ‘Risk Profile Tool’ to identify your risk/return profile and which fund might be right for you.
  • seek personalised financial advice from an financial adviser if you want to invest in one of our single-asset-class funds.

Tell us your choice

If you’re joining the OneAnswer KiwiSaver Scheme for the first time, tell us your choice by completing the relevant application form at the back of the guide and product disclosure statement.

If you have been automatically enrolled in the OneAnswer KiwiSaver Scheme by your employer and want to change your fund, complete a change form to make your choice.

You can change your choice at any time. We recommend you speak to your financial adviser for help selecting a fund.

 

ANZ New Zealand Investments Limited is the issuer and manager of the OneAnswer KiwiSaver Scheme. Download a copy of the OneAnswer KiwiSaver Scheme guide and product disclosure statement, or request a copy by calling 0800 736 034.

Whether you’re working or not working, how much you contribute can really impact your nest egg. Watch our video to find out more.

Options for employees

Your contribution options

Unless you choose a different rate of contribution, your employer will deduct the minimum rate of 3% of your before-tax salary or wages. You can choose to contribute 4% or 8% of your before-tax salary or wages instead of the minimum rate of 3%.

If you have a total remuneration employment agreement, your employer doesn't have to contribute to KiwiSaver on top of your pay. Under these agreements, your employer's contributions will come out of your total remuneration. If you are unsure whether this applies to you, talk to your employer.

Your employer takes your KiwiSaver contributions from your pay each payday and sends them to Inland Revenue each month. Inland Revenue then send them to us to put into your KiwiSaver account. It’s worth checking your payslip, and your KiwiSaver account, to make sure your employee and employer contributions are being deducted and transferred correctly.

For the first three months after you first join KiwiSaver, Inland Revenue will hold all contributions to your KiwiSaver account in a tax-free holding account and will pay interest on those amounts. After this time, Inland Revenue will transfer all contributions to us.

If you’d like to track your contributions with Inland Revenue during this period, you can visit the Government’s KiwiSaver site and register for ‘My KiwiSaver’.

How to change your contribution rate

You can change your contribution rate once every three months, unless your employer agrees to let you change more often, by completing a KiwiSaver deduction form (KS2) and giving it to your employer.

If you change employers, make sure you tell your new employer you are a KiwiSaver member. Your KiwiSaver deductions will go back to the minimum rate unless you tell your new employer that you’re contributing at a different rate. So if you change jobs, it's also a good idea to complete a new KS2 form. 

How to restart your contributions

If your employee and employer contributions are not being deducted you can restart KiwiSaver deductions from your salary or wages at any time. Simply complete a KiwiSaver deduction form (KS2) and give it to your employer – they’ll take care of the rest.

Making voluntary contributions

At any time, you (or anyone else) can also make voluntary contributions to your account. Find out how you can make voluntary contributions on the tab above.

Make the most of the annual member tax credit 

If you earn less than $35,000 a year (before tax) and contribute 3% to a KiwiSaver scheme, the contributions from your pay may not be enough to qualify for the maximum member tax credit of $521.43 to your KiwiSaver account per year (from 1 July to 30 June). Find out more about the annual member tax credit on the Government contributions tab above.

 

Need a break from contributing?

Contributions holidays can be for between three months and five years, unless Inland Revenue agrees to a longer period.

You can apply to Inland Revenue to take a holiday from making contributions: 

  • if 12 months or more have passed since your first KiwiSaver contribution was paid to a KiwiSaver manager or Inland Revenue, or
  • if 12 months or more have passed since you joined a complying superannuation fund, or
  • any time after your first contribution if you are in, or are likely to be in, financial hardship.

You can take an unlimited number of contribution holidays, but this will affect how quickly the savings in your KiwiSaver account grow.  Watch our video to find out how taking a break can affect your retirement savings in the long run.

Visit the Government’s KiwiSaver site to find out more about KiwiSaver contributions holidays.

Options when you’re self-employed or not employed

KiwiSaver is for everyone, not just employees.

If you’re not employed, you can decide how much to contribute to your KiwiSaver account each year. You don’t have to contribute a minimum or maximum amount.

You can choose to make regular contributions or make lump sum contributions at any time. Find out how you can make voluntary contributions on the tab above.

If you’re self-employed and receive payments that you don’t deduct PAYE from, or you are not currently employed, you can decide how much you contribute to KiwiSaver each year and how and when to make your contributions.

For members of the OneAnswer KiwiSaver Scheme, setting up regular contributions by direct debit is simple – either complete and return a direct debit form or give us a call on 0800 736 034.

Alternatively you can make a lump sum contribution using internet banking, phone banking or by cheque. Find out how you can make voluntary contributions on the tab above.

Please note that if you work for yourself in your own business and receive payments from your business that you need to deduct PAYE from, you’ll need to make employee and employer contributions for yourself under the KiwiSaver rules, just as you would for any other employee.  This means at a 3% employee contribution rate, you will contribute 6% of your before-tax pay (made up of a 3% employee contribution and a 3% employer contribution).

You can still make the most of the annual member tax credit

You don’t have to be working to make the most of KiwiSaver. Just like employed members, the more you contribute, the more likely you are to get the maximum annual member tax credit.

If you meet the eligibility criteria, you might like to consider contributing at least $1,042.86 from 1 July to 30 June. It's a good idea to ensure you have contributed enough before 30 June each year, as your payment must reach our bank account by 30 June. That way, you’ll get the maximum annual member tax credit of $521.43 to your KiwiSaver account each year. Find out more about maximising the annual member tax credit on the tab above.

 
ANZ New Zealand Investments Limited is the issuer and manager of the OneAnswer KiwiSaver Scheme. Download a copy of the OneAnswer KiwiSaver Scheme guide and product disclosure statement, or request a copy by calling 0800 736 034.

What your employer contributes

If you’re contributing to KiwiSaver from your pay, your employer is required to contribute an amount equal to at least 3% of your before-tax salary or wages as well, although certain exceptions apply:

  • your employer does not have to contribute if you’re under 18, or 65 or over and eligible to withdraw your savings
  • if you’re a member of a complying superannuation fund or another employment-based superannuation scheme, your employer’s contributions may be allocated between the OneAnswer KiwiSaver Scheme and your other scheme. Your employer may not be required to contribute to both schemes. Contact your employer to find out how the allocation is made.
  • your employer may not have to contribute if you’re a private domestic worker.
  • your employer does not have to contribute to your KiwiSaver account on top of your pay if you have a total remuneration employment agreement. Your employer’s compulsory contribution will come out of your total remuneration. If you are unsure this applies to you, talk to your employer.

Your employer sends your KiwiSaver contribution and their employer contribution to Inland Revenue, who sends them to us.

Your employer contribution is taxed, so the actual money that goes into your KiwiSaver account as an employer contribution is less the relevant percentage of your before-tax salary or wages.

The percentage of tax paid on your employer’s contribution is set out in the following table:

 

Member's salary or wages plus before-tax employer contributions in the previous tax year

Tax rate
$0 - $16,800 10.5%
$16,801 - $57,600 17.5%
$57,601 - $84,000 30.0%
$84,001 and over 33.0%


For the first three months after you first join KiwiSaver, Inland Revenue will hold all contributions to your KiwiSaver account in a tax-free holding account and will pay interest on those amounts. After this time, Inland Revenue will transfer all contributions (including the interest) to the OneAnswer KiwiSaver Scheme.

 


 

 

What happens if you’re 65 or older and still employed?

If you’re 65 or older, still employed and eligible to withdraw your savings, you can:

  • continue to contribute from your pay at 3%, 4%, or 8% (your employer contribution might stop as your employer is no longer required to contribute), or
  • choose to stop contributing from your pay. To do so, complete a KS Non-deduction notice (KS51). Give the completed form to your employer.

What if you’re no longer employed?

Your employee and employer contributions will stop if you stop being employed. If you’re not employed, you can still make regular or lump sum contributions to the OneAnswer KiwiSaver Scheme. See how to make voluntary contributions.

 

ANZ New Zealand Investments Limited is the issuer and manager of the OneAnswer KiwiSaver Scheme. Download a copy of the OneAnswer KiwiSaver Scheme guide and product disclosure statement, or request a copy by calling 0800 736 034.

Annual member tax credit

If you’re contributing and you're eligible, the Government makes an annual contribution of up to a maximum of $521.43 a year (from 1 July to 30 June) to your KiwiSaver account.

This is known as a member tax credit (or MTC). The MTC is an easy way to increase your savings.

Are you eligible?

You'll be eligible for the annual member tax credit if you:

  • are aged 18 to 64 (or older if you've been a member of KiwiSaver for less than five years), and
  • mainly live in New Zealand.

If you’re only eligible for part of a year, you’ll get part of the member tax credit. The calculation of the amount will be based on the number of days in the year you were eligible.

How does it work?

The Government will contribute 50 cents for each dollar you contribute, up to a maximum of $521.43 a year.

The member tax credit is calculated for a year that begins on 1 July and ends on 30 June. It's paid into you KiwiSaver account shortly after 30 June.

If you’re only eligible for part of the year, you’ll get part of the member tax credit. The calculation of the amount will be based on the number of days in the year you were eligible.

 

How can you get the maximum?

You need to contribute at least $1,042.86 a year (from 1 July to 30 June) to your KiwiSaver account to get the maximum member tax credit of $521.43. It's a good idea to ensure you have contributed enough before 30 June each year, as your payment must reach our bank account by 30 June.

How to work out if you have contributed enough

You should qualify for the maximum annual member tax credit if you've been a KiwiSaver member for the full year (1 July to 30 June) and all of the following apply:

  • you're employed
  • you earn more than $35,000 per year
  • you contribute at least 3% to KiwiSaver

OR if you've been contributing $20 a week, on average, for the full year (from 1 July to 30 June).

OR if you've made one or more lump sum contributions totalling at least $1,042.86 between 1 July and 30 June.

What if you haven’t contributed enough to get the maximum?

If it doesn’t look like you’ll contribute at least $1,042.86 to your KiwiSaver account from 1 July to 30 June each year, you can make a lump sum contribution to make up the difference or you can set up a regular contribution.

Please note that your contributions will only be eligible if they are invested in your KiwiSaver account by 30 June each year.

Be prepared – set up a direct debit

Setting up a direct debit could make getting the maximum annual member tax credit just that little bit easier. While $1,042.86 may sound like a lot, in reality it’s only $20 a week.

 

ANZ New Zealand Investments Limited is the issuer and manager of the OneAnswer KiwiSaver Scheme. Download a copy of the OneAnswer KiwiSaver Scheme guide and product disclosure statement, or request a copy by calling 0800 736 034.

How to make voluntary contributions

Setting up additional voluntary contributions to your KiwiSaver account is a great way to help you achieve your retirement savings goals.

At any time, you (or anyone else) can make regular or lump sum contributions to your KiwiSaver account.

There are a number of options - simply choose what works for you. 

Contribution options OneAnswer KiwiSaver Scheme
ANZ Internet Banking Log into ANZ Internet Banking to transfer funds from any of your ANZ transactional accounts directly to your OneAnswer KiwiSaver Scheme account. 
ANZ goMoney Log into ANZ goMoney to transfer funds from any of your ANZ transactional accounts directly to your OneAnswer KiwiSaver Scheme account. 
Internet Banking, Phone Banking or Branch

Select ‘OneAnswer KiwiSaver Scheme’ from the Bill Payee list (search or select from the drop down in your internet banking), or make your payment to:

OneAnswer KiwiSaver Clearing Account

ANZ
01-0102-0952731-01

Cheque

Send a cheque made out to ‘OneAnswer KiwiSaver Scheme’ to:

ANZ New Zealand Investments Limited

Freepost 324, PO Box 7149, Wellesley Street

Auckland 1141
Direct Debit Call us on 0800 736 034 to set up a direct debit over the phone, or complete and return a direct debit form.

 

Required information 

When you make a payment by any of these methods (except direct debit) please include the following information:

  • your surname
  • your date of birth in the following format: DDMMYYYY
  • one of either: your investor number, ANZ customer number or IRD number.

If you don’t provide us with correct details, we’ll be unable to credit your KiwiSaver account with the amount you pay.

It will usually take up to five business days for a lump sum contribution to reach your KiwiSaver account. It’s important to note that contributions made to your KiwiSaver account can’t be reversed.

 

ANZ New Zealand Investments Limited is the issuer and manager of the OneAnswer KiwiSaver Scheme. Download a copy of the OneAnswer KiwiSaver Scheme guide and product disclosure statement, or request a copy by calling 0800 736 034.

Early withdrawal options

Usually, your KiwiSaver savings are only available for you to withdraw after you turn 65 and have been a member for at least five years. But you may be able to withdraw your funds early in limited circumstances.

If you’re buying your first home

Find out more about using KiwiSaver to help you into your first home by clicking on the First Home Buyers link above.

If you're permanently emigrating to Australia

If you move to Australia permanently, you can transfer your KiwiSaver savings to an Australian complying superannuation scheme that is willing to accept the transfer.

It's voluntary for Australian providers to accept KiwiSaver transfers. We can only process your transfer if your chosen Australian complying superannuation scheme has confirmed they will accept a KiwiSaver transfer. We are currently only aware of a limited number of Australian providers who will accept KiwiSaver transfers.

You will need to show evidence that you have permanently left New Zealand and have lived at an Australian address at some time following your departure, and to complete a statutory declaration.  Your Australian provider will also need to provide information so that we can pay your KiwiSaver savings to your Australian complying superannuation scheme.

Find out more about transferring your KiwiSaver savings to Australia.

To other countries

If you move overseas permanently, other than to Australia, you can withdraw your funds (excluding any Australian sourced funds) after you've been overseas for at least one year. Any annual member tax credits you've received from the Government will be returned to the Government.

You will need to show evidence that you have permanently left New Zealand, that you are living overseas and complete a statutory declaration.

To apply, please complete our Permanent Emigration Withdrawal Application Form.


If you’ve transferred savings from Australia

If you have transferred retirement savings from an Australian complying superannuation scheme to KiwiSaver, you will be eligible to withdraw these savings if:

  • you're aged 60 or over, and your employment has come to an end after age 60, or
  • you're aged 60 or over and have retired (this means you have stopped working in paid employment, and do not intend to ever again work in paid employment for 10 or more hours per week), or
  • you're aged 65 or over and you became a member of KiwiSaver as a result of a transfer from a complying superannuation fund and you first became a member of that complying superannuation fund at least five years ago.

If you're eligible to make a withdrawal of your Australian sourced funds, please download and complete the Retirement Withdrawal Application Form (Australian sourced funds only) and return it to us with certified identification and proof of residential address. You only need to provide certified identification if you have not done so before.

If you have a serious illness

If you have a serious illness you can make an early withdrawal if you satisfy the supervisor that you have a serious illness. ‘Serious illness’ means an injury, illness, or disability that has you:

  • totally and permanently unable to work at a job that your education, training, or experience makes you suited to, or
  • at serious risk of dying very soon.

You need to show evidence of your serious illness.

To apply, please complete our Serious Illness Withdrawal Application Form.

If you’re experiencing significant financial hardship

If you’re suffering financial hardship and have a KiwiSaver account, you can apply to Inland Revenue to stop making KiwiSaver contributions for a period (known as a contributions holiday).

Alternatively, if you are suffering significant financial hardship and have exhausted all other reasonable alternative sources of funds, you can apply for an early withdrawal.

Contributions holiday

You can apply to Inland Revenue to take a holiday from making contributions:

  • if 12 months or more have passed since; your first KiwiSaver contribution was paid to a KiwiSaver scheme or Inland Revenue or you joined a complying superannuation fund,
  • any time after your first contribution if you are in, or are likely to be in, financial hardship.

Contributions holidays can be for between three months and five years, unless Inland Revenue agrees to a longer period. You can take an unlimited number of contributions holidays, but this will affect how quickly the savings in your KiwiSaver account grow.

Visit the Government’s KiwiSaver site to find out more about KiwiSaver contributions holidays.

Significant Financial Hardship withdrawal

You can apply for an early withdrawal of funds if you’re suffering significant financial hardship – for example if you’re unable to meet essential living and/or medical costs.

You’ll need to show that you’ve exhausted any reasonable alternative sources of funds, and if your application is granted the amount you withdraw can be limited to a specific amount to meet your hardship requirements.

If you have a KiwiSaver account managed by ANZ Investments, check our KiwiSaver Significant Financial Hardship Withdrawal guide for more information on eligibility criteria and next steps. If you think you’re eligible to apply for a withdrawal, you can complete our KiwiSaver Significant Financial Hardship Application Form

If you’ve transferred money from a foreign superannuation scheme, other than Australia

If you have transferred money from a foreign superannuation scheme, other than Australia, into KiwiSaver, you may be able to make an early withdrawal to pay tax or student loan repayments owing as a result of the transfer.

You will need to complete a statutory declaration and provide other documents and information that we ask for.

Any withdrawal made to pay tax or make a student loan repayment will be paid directly to Inland Revenue, and not to you.

You can’t withdraw more than the amount of tax you have to pay, or the amount of your student loan repayment.

You can’t withdraw any Government contributions.

If you wish to apply for a withdrawal, call us on 0800 736 034.

You can also leave your KiwiSaver savings to your loved ones

If you die while you’re a member of the OneAnswer KiwiSaver Scheme and the amount of your savings is more than $15,000, your savings will be paid to your personal representative. Your personal representative is the person:

  • responsible for administering your will, or
  • dealing with your assets if you have not made a will.

If the amount of your savings is $15,000 or less, we’ll pay your savings in line with the Administration Act 1969.

For more information about early withdrawals see the OneAnswer KiwiSaver Scheme guide and product disclosure statement.

 

ANZ New Zealand Investments Limited is the issuer and manager of the OneAnswer KiwiSaver Scheme. Download a copy of the OneAnswer KiwiSaver Scheme guide and product disclosure statement, or request a copy by calling 0800 736 034.

Your options when you turn 65

When you turn 65 (and have been in KiwiSaver for at least five years), you’ll gain access to your KiwiSaver savings. It's really important to consider how your savings will best meet your financial needs in retirement, so below you'll find some information to help you with your choices. 

When you're eligible to access your KiwiSaver savings you'll have three options:-

1. Leave your savings in your KiwiSaver account

You can leave your savings in your KiwiSaver account and withdraw them when you need to later on.

There is a misconception that when you turn 65 you must withdraw your KiwiSaver savings and reinvest in a term deposit or standard savings account. This is simply not the case. KiwiSaver is a great way to keep saving after 65, and is typically a lower cost option than other managed funds.

Contribution options

If you’re still working, even if it’s only part-time, you can keep contributing and continue to watch your money grow. After all, no one can be sure of just how long their retirement will last, so there’s a risk of running out of retirement savings. Just remember that if you do choose to continue contributing to your KiwiSaver account, you’ll no longer be eligible for the annual member tax credit.

It will be up to your employer as to whether they continue to contribute to your KiwiSaver account. Your own contributions will continue automatically unless you ask your employer to stop your KiwiSaver deductions from your pay. You can stop your KiwiSaver deductions by giving your employer a completed Kiwisaver non-deduction notice (KS51).

Fund options

In addition to your tolerance for risk, your investment timeframe (the number of years until you withdraw partially or fully from your KiwiSaver account) can also influence which fund you should invest in.

For example, if you won’t need to access your savings for a few more years, you may like to consider keeping your savings in a higher risk fund to maximise possible returns. Or you could split your savings out into different funds based on short-term, medium-term and long-term needs.

We recommend talking to a financial adviser about your options.

2. Withdraw some of your savings

There is some flexibility for you to dip into your savings, while still keeping your KiwiSaver account open. 

You can arrange regular withdrawal amounts on a fortnightly, monthly or quarterly basis, subject to a minimum amount of $200 per fortnight, $400 per month or $1,000 per quarter. Or you can withdraw larger instalments as and when you need them (the minimum amount you can withdraw in a lump sum is $1,000).

Contribution options

You can also continue contributing to your KiwiSaver account, but you’ll no longer be eligible for the annual member tax credits.

If you’re still working, it will be up to your employer as to whether they continue to contribute to your KiwiSaver account. Your own contributions will continue automatically unless you ask your employer to stop your KiwiSaver deductions from your pay. You can stop your KiwiSaver deductions by giving your employer a completed Kiwisaver non-deduction notice (KS51).

3. Withdraw all of your savings and close your account

You can choose to withdraw all your savings in a single lump sum and close your KiwiSaver account. If you do choose this option, you won’t be able to open another KiwiSaver account.

If you’re currently contributing to KiwiSaver via your employer, you’ll need to let your employer know that you have closed your KiwiSaver account, so they can stop deducting KiwiSaver contributions from your pay. You can do this by giving your employer a completed Kiwisaver non-deduction notice (KS51).

Are you on track with your savings?

New Zealanders are currently eligible to receive NZ Super from age 65. Based on 2016 rates, a single retired person receives NZ Super of less than $385 per week, and a couple receives less than $595 a week. Chances are, you’ll need to supplement your New Zealand Superannuation with additional income, and that’s where KiwiSaver can help.

Watch this video to find out how KiwiSaver can help supplement your NZ Super income.

Could you live on NZ Super alone?

 

 

 

 

 

 

 

According to the Massey expenditure guidelines a retired household is likely to need additional income, as NZ Super is inadequate to fund a comfortable retirement. 

You can use our quick and easy KiwiSaver account calculator to work out how much you might need to save, and whether or not you’re on track. 

What to do if you’re ready to withdraw

If you’re eligible and would like to make a withdrawal, please download and complete the Retirement Withdrawal Application Form and Statutory Declaration and return it to us with certified identification and proof of residential address.

Please note that a KiwiSaver retirement withdrawal can take up to 10 working days to process. We will contact you via a letter to advise if your withdrawal application was successful.

You only need to complete the Statutory Declaration Form and provide certified identification if you have not done so before (i.e. if this is your first withdrawal).

Deciding what to do with your KiwiSaver savings is important

We want you to have a comfortable retirement; one where you’re free to simply enjoy the fruits of all your hard work and not worry about money. That’s why we recommend talking to a financial adviser.  Together you can work out the best way to get the most out of your KiwiSaver savings – and retirement.

If you have questions about your KiwiSaver account, call us on 0800 736 034 or email service@anzinvestments.co.nz.

 

ANZ New Zealand Investments Limited is the issuer and manager of the OneAnswer KiwiSaver Scheme. Download a copy of the OneAnswer KiwiSaver Scheme guide and product disclosure statement, or request a copy by calling 0800 736 034.

Once you've been a KiwiSaver member for three years, KiwiSaver has two features that can help you buy your first home in New Zealand.

Watch our video to find out how KiwiSaver can help you get into your first home. Then, read on below for more information.

Using KiwiSaver to help you into your first home

You might be able to use your KiwiSaver savings to help buy your first home in New Zealand. There are two KiwiSaver features that can help out.

First, you may be able to make an early withdrawal

You may be able to withdraw the total amount in your KiwiSaver account less $1,000 and any amount transferred from an Australian complying superannuation scheme. You need to apply early as the money you withdraw must be paid directly to your New Zealand solicitor or licensed conveyancer before your settlement date.

You can make an early withdrawal if one of the following applies:

  • You've been a member of a KiwiSaver scheme and/or a complying superannuation fund for a combined total of at least three years.
  • Inland Revenue received a contribution to a KiwiSaver scheme for you at least three years ago.

You will also need to meet all of the following requirements:

  • You intend to live mostly in the home you're buying.
  • You've never before owned your own property (except for a few limited circumstances).
  • You've never before made a withdrawal to buy a first home.
  • The home you are buying is in New Zealand.

You can make a withdrawal to buy a home or land to build a home on. You can also make a withdrawal to buy a home on Maori land, as long as you have the right to occupy the Maori land.

If you’re building, you need to make your withdrawal when purchasing the land. You cannot make a withdrawal after purchasing the land to cover building costs.

 

How to apply

Download an information pack for all you need to know about making a first home withdrawal. The pack includes useful information, a step-by-step guide and our First Home Withdrawal Application Form.

Complete the application form and give it to your New Zealand solicitor or licensed conveyancer with the attached letter. Your New Zealand solicitor  or licensed conveyancer also needs to send us all the other documents listed on the application form.

You'll need to get everything to us as soon as possible. We can only make first home withdrawal payments if we receive everything we need at least ten business days before settlement, as it can take up to ten business days to process an application.

If you are buying a house on Maori land, or for an estimate of the amount you have available for a first home withdrawal (if your application is approved), please call us on 0800 736 034.

Second, you might be eligible for a KiwiSaver HomeStart grant

If you’ve been a regular contributor to KiwiSaver for three years, you might also be eligible for a grant to help you buy your first home. The amount of the grant depends on whether the home is existing or newly built. You could get:

  • $1,000 a year for each year you've been a KiwiSaver member, up to a maximum of $5,000, if your first home will be an existing home.
  • $2,000 a year for each year you've been a KiwiSaver member, up to a maximum of $10,000, if your first home will be newly built. 

The Government pays this directly to your solicitor on settlement day - it doesn't come out of your KiwiSaver account. Some criteria apply to this, including limits on your income and the value of the house you're intending to buy, and requirements for a minimum deposit.

How to apply

More information and application forms for the first home grant are available from the Housing New Zealand website.

Deposit options

You may be able to use your KiwiSaver savings and the HomeStart grant for deposit payments before settlement (e.g. initial or progress payments for homes bought off the plans).

However there are some circumstances, such as buying at auction, where this may not be possible. Talk to your New Zealand solicitor or licensed conveyancer for more information.

ANZ New Zealand Investments Limited is the issuer and manager of the OneAnswer KiwiSaver Scheme. Download a copy of the OneAnswer KiwiSaver Scheme guide and product disclosure statement, or request a copy by calling 0800 736 034.