KiwiSaver Withdrawal FAQs

What KiwiSaver is designed for

KiwiSaver is a long-term savings scheme, not a savings account. Once money goes in, it is locked away and you cannot take it out whenever you want.

It is built around two main goals:

Saving for your retirement.
Helping you buy your first home.

There are also a few situations where you can take your money out early, but each one has its own rules and has to be approved before any money is released.

When you can withdraw your KiwiSaver

1. When you turn 65

This is what KiwiSaver is designed for. At 65 you can withdraw as much or as little as you like — a lump sum, regular payments, or nothing at all.

There is no deadline and no requirement to take the money out. Many people leave some of it invested and draw on it over time.

For most people, turning 65 is the only test. The exception is people who joined KiwiSaver before 1 July 2019 while aged between 60 and 64, who may also need five years of membership.

You can keep contributing after 65, but you no longer receive the government contribution.

2. To buy your first home

You can withdraw your KiwiSaver to help buy your first home once you have been a member for at least three years.

You can take out almost everything — your own contributions, your employer's contributions, the government contributions and the investment returns. At least $1,000 must stay in the account.

The property must be in New Zealand and you must intend to live in it. You cannot use KiwiSaver to buy an investment property, and you can only make a first home withdrawal once.

If you have owned a home before, you may still qualify if Kāinga Ora decides you are in the same financial position as a first home buyer.

3. Significant financial hardship

You can apply if you are struggling to meet basic living costs — for example, you cannot pay your mortgage or rent, or you need to cover medical or funeral costs.

You apply through your provider and supply evidence, and their supervisor decides. It is treated as a last resort, and you are usually limited to your own and your employer's contributions rather than the full balance.

4. Serious illness

You can apply if you have a condition that permanently affects your ability to work, or an illness that is likely to shorten your life.

This is assessed separately from financial hardship and needs medical evidence, but if approved you can generally withdraw your full balance.

5. Moving overseas permanently

If you move overseas permanently, you can usually withdraw your savings once you have been away for at least a year. Any government contributions have to be paid back.

This does not apply if you move to Australia. In that case your KiwiSaver stays put, or you can transfer it into an Australian scheme.

6. If you die

Your KiwiSaver balance becomes part of your estate. It is paid out according to your will, or under the standard rules if you do not have one.

Common questions about withdrawals

When can I withdraw my KiwiSaver?

At 65, provided you've also been a KiwiSaver member for at least five years. If you joined after age 60, the five-year test can push your eligibility date past 65 — for example, joining at 62 generally means waiting until 67.

Can I withdraw KiwiSaver for financial hardship?

Yes, but only in defined circumstances — being unable to meet minimum living costs or mortgage repayments, needing to modify a home for a disability, or covering medical or funeral costs with no other option. Your provider's supervisor decides based on evidence you provide, and it's generally treated as a last resort. If approved, you typically only get access to your own and your employer's contributions, not the government contributions.

Can I withdraw KiwiSaver if I'm seriously ill?

Yes, if you or a dependant meet the legal definition of serious illness — broadly, a condition that significantly affects your ability to work, or a terminal or life-shortening condition. This is assessed separately from a hardship withdrawal, with its own supervisor process and medical evidence requirements.

Can I withdraw KiwiSaver if I move overseas permanently?

Generally yes, once you've been living overseas permanently for at least a year — with one notable exception: this route isn't available if you've moved to Australia, since Australia has its own reciprocal retirement savings arrangements. Requirements can vary by provider, so it's worth confirming your specific situation before relying on it.

What happens to my KiwiSaver if I die?

It doesn't disappear and it isn't kept by the government. Your KiwiSaver balance forms part of your estate and is distributed according to your will, or under the intestacy rules if you don't have one.