Significant Financial Hardship

Making a Significant Financial Hardship withdrawal

Ready to start the process? 

If you already know about Significant Financial Hardship withdrawals and our partnership with Debtfix, you can start the process below. 

As part of the process you will need to provide, at a minimum, 90 days of bank statements for all accounts and income, expense, and debt information.

Once submitted, they will contact you within two business days to discuss next steps.

If you are experiencing or are likely to experience significant financial hardship, you may be able to make an early withdrawal from your KiwiSaver account.

NZ Funds has partnered with Debtfix, a not-for-profit organisation that specialises in helping New Zealanders through financial hardship.

At no cost to you, Debtfix will:

• work with you to understand your situation and find practical solutions;
• guide you through the hardship withdrawal process if appropriate; and
• assist you in completing your application and gathering the required documentation for the Supervisor.

We understand this may be a difficult time for you. Below is some information about the process and what is required to withdraw from your KiwiSaver for Significant Financial Hardship. There is a link at the bottom of the page to begin the process with Debtfix. 

For more detailed information on Significant Financial Hardship withdrawals, please click here.

What is Significant Financial Hardship?

Access to your KiwiSaver savings is governed by law. Your eligibility and the amount you may be able to withdraw will be determined by the NZ Funds KiwiSaver Scheme’s Supervisor, The New Zealand Guardian Trust Company Limited (the Supervisor). They will review your personal situation and assess your application in line with the KiwiSaver Act 2006.

Under the Act, Significant Financial Hardship may apply if you:

• are unable to meet minimum living expenses; 
• are unable to meet mortgage repayments on your family home, and the mortgagee is taking steps to enforce the mortgage; 
• need to modify your home to meet special needs arising from a disability affecting you or a dependant;
• are unable to pay for medical treatment for an illness or injury affecting you or a dependant;
• have incurred funeral costs for a dependant;
• have incurred palliative care costs for you or a dependant; or
• are suffering from a serious illness. 

You are required to provide evidence that you have exhausted all other options, which includes but is not limited to applying for assistance with Work and Income, applying for hardship with your creditors. Debtfix will explore with you whether any other options may be available.

Specifics of what is required can be found under 'What information is required to support my application?' here.

Next steps

To start the process, you must first complete an initial assessment with Debtfix, following the link below. This will enable Debtfix to understand your situation, they will then contact you to discuss options. 

If you decide to proceed with a Significant Financial Hardship withdrawal application, Debtfix will provide you with a NZ Funds Significant Financial Hardship Application for Withdrawal form. This will need to be completed, together with a Statutory Declaration. You will also need to attach evidence to support your application. 

We know the process can be daunting and feel overwhelming, that is why we have partnered with Debtfix. They are experts in this area and help hundreds of members every month. They will work with you, at no cost, to explore what options are available and if requested, to complete the formal application to the Supervisor. 

More detailed specifics on the step-by-step process can be found, under 'What is the process?' here.

Otherwise you can start the process below. 

Getting Started

To begin, please complete the initial online form provided by Debtfix.

As part of the process you will need to provide, at a minimum 90 days of bank statements for all accounts and income, expense, and debt information.

Once submitted, they’ll contact you within two business days to discuss next steps.