Budget Footnotes

Quickly check whether you meet the requirements under the Kiwi Saver Act 2006. This will help you decide whether or not to submit an application.
If you are applying under the minimum living expenses criteria – consumer debt such as paying off hire purchases, personal loans, credit cards etc. Sometimes these are not considered to be part of minimum living expenses and therefore may not come under the financial hardship criteria.
You need to complete and send your application form in. Seek help if you require it, especially from a Budget Service or Citizens Advice.
Indicate under which category you are submitting your significant Financial Hardship application.
You will need to provide information about your income, expenses and how you meet the requirements for significant financial hardship, I.e. which minimum expenses you are not meeting. When your form is completed, post it together with the correct supporting document to your Kiwisaver provider.
Do not submit your original documents – such as your passport, send only photocopies.
Documentation required to enable the provider to validate the information you have provider to validate the information you have provided would include the following items:
1. copies of 3 most recently bank statements for all your bank accounts and all your credit cards. These will be used to verify information you provide on your form.
2. a budget statement, from a budgetary service which you have used. This helps to show you have taken steps to alleviate your hardship before applying for a financial hardship withdrawal.
3. for any outstanding loans, hire purchases and other debts, you must provide documents such as statements or letters showing the total outstanding amounts, any arrears, details of regular repayments and the term of the loan.
4. if you are receiving or are entitled to a benefit, correspondence from WINZ showing what you are entitled to.
Additional documents, such as outstanding bills or demands for payment, will also be required as supporting evidence if these have been mentioned in your application.
When your application has been made it will be checked to ensure that all relevant details have been completed and all supporting documents have been enclosed.
If any information is found to be incomplete or missing the provider will return the application to you for updating before proceeding.
After checking the information you have provided, the Kiwisaver provider will proceed with an assessment of your application.
Checking will generally involve assessing whether your application satisfies one of the significant financial hardship criteria, for example, are you in fact unable to pay your mortgage/rent or daily living expenses. Eg food, power.
During the application process, if your circumstances change, you must in writing contact your Kiwisaver provider.
Your Kiwisaver provider has discretion as to whether or not to approve your application and, if so the amount that may be withdrawn from your Kiwisaver account. Remember that the $1000 the government has put in, cannot be accessed.
If your application is approved, you will receive a letter advising you of this and your payment will be transferred into your personal New Zealand bank account. Allow approximately one month for a decision to be made. Sometimes you will not receive the full amount you request as the Kiwisaver provider feels that a lesser amount will be sufficient.
If your application is declined, you will receive written confirmation of the Kiwisaver provider’s decision, usually within four to six weeks.

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