A Guide to who can apply and what the requirements are for a Significant Financial Hardship withdrawal.
After having a number of people enquiring after their Kiwisaver here are a few notes on what your Kiwisaver provider requires.
WHO CAN APPLY?
Any Kiwisaver scheme member who meets at least one of the requirements listed below in accordance with the Kiwisaver Act 2006:
To apply you must be able to show that you are unable to meet:
1. minimum living expenses: or
2. mortgage repayments on your principle family residence
3. mortgagee (lending institutions or banks) who are sending default letters
4. the cost of modifying a residence to meet special needs for yourself or a family member
5. the cost of medical treatment for sickness or injury for yourself or a family member
6. the cost of palliative care for you or your dependants
7. the cost of a funeral
8. or you’re suffering from a illness.
Any more information can be found online at www.legislation.govt.nz
APPLICATION:
For your application to be successful you must:
1. be experiencing significant financial difficulties
2. by answering all the questions on the application form
3. provide all supporting documentation
4. have your application form and all supporting documents matching each other
5. complete the statutory declaration contained in the application form
To request a form, contact your Kiwisaver provider who will email or post you a copy.
SUPPORTING DOCUMENTS:
Documents that identify you: birth certificate, passport (must be certified copies – DO NOT SEND ORIGINALS). Certified copies are photocopies that have witnessed and endorsed by a person who is authorised by law i.e. Justice of the Peace. Helensville Citizen Advice have a Justice of the Peace (give them a ring to find out times of availability).
If you cannot provide evidence of having seen a budget advisor, your application will most likely be declined.
If you are requesting a second withdrawal, generally providers will require a verified budget from a budget service.
(To be continued)
Cheers
Frances
