This note is not part of the regulations, but is intended to indicate their general effect.
The provisions amended set out the criteria that a person must meet in order to qualify for making a one-time withdrawal of funds from the person’s KiwiSaver scheme for purchasing a home under clause 8(3)(c) or (3B)(c) of the KiwiSaver scheme rules (set out in Schedule 1 of the KiwiSaver Act 2006).
The amendments apply to applications to withdraw funds for this purpose made after 1 July 2016. They have the effect that income is no longer to be taken into consideration when deciding whether a person’s financial position represents that which would be expected of a person who has never held an estate in land. Only a person’s assets and liabilities must be considered.
The law as currently in force continues to apply to applications made before 1 July 2016.
Date of notification in Gazette: 2 June 2016.
These regulations are administered by the Ministry of Business, Innovation, and Employment.