I am a Kiwi living in Australia. I was stood down from my role of technology manager for a large travel company last week. I am desperate to access my KiwiSaver with ANZ in New Zealand. I moved here five years ago and have a mortgage with my partner. She has been looking after our baby daughter while I've been working. Now with no income I am trying to make a significant hardship withdrawal to access my KiwiSaver funds. This is still a very difficult process. Is there any talk of the NZ Government making it easier to access KiwiSaver during this Covid-19 crisis? Could the NZ Government at least make it easier for Kiwis living overseas to access this given we do not have other financial support? Do you know any way to fast-track a hardship application?
New Zealanders living in Australia are in a difficult situation as many do not have access to social welfare benefits. Right now you will be in shock and worried about how you are going to manage over the next few weeks and months.
Making a Significant Financial Hardship withdrawal from your KiwiSaver is one option for you, but you should investigate all other options first.
Taking money out of your KiwiSaver now may severely impact your quality of life in retirement. Also, the same crisis that has led to the loss of your job has also caused sharemarket falls.
For most people, this means their KiwiSaver is worth less now that it was two months ago.