Whai Rawa was set up to improve levels of tertiary education, home ownership and saving for retirement and to improve the wellbeing of Ngāi Tahu whānau. Outside of these categories there are limited opportunities to withdraw your funds. Remember if you are aged 55 or older you can make 2 withdrawals a year towards supporting your retirement.
Please note when a full balance withdrawal is requested and approved, up to 95% of the funds are released. Up to the remaining 5% of the available full balance will then be released by a second disbursement at the end of the relevant quarter. The remaining funds will be made available once earnings and tax calculations have been applied.
From the age of 55, two withdrawals may be made from your Whai Rawa account each year for any purpose. The minimum withdrawal amount is $500 (or 95% of your account balance if it’s less than $500). Download the Retirement Withdrawal form.
Whai Rawa can be used for any NZQA or overseas equivalent approved course, either on completion, or during the course of study if no alternative sources of funding are available to you. Download the Tertiary Education Withdrawal Form or find out more about planning for and funding tertiary education.
Whai Rawa can be used to buy or build your first home or a subsequent home purchase where you are in the equivalent position of a first home buyer (a useful guide is if you are being allowed to withdraw your KiwiSaver monies towards the purchase). Download the First Home Purchase Withdrawal Form. Find out more about planning for and funding a first home purchase.
You may be able to make a Serious Illness withdrawal if you have an injury, illness or disability:
If you meet these criteria you do not need to prove you are in significant financial hardship.
What You Will Need: Along with the completed Serious Illness Withdrawal Form, you will need a medical explanation of your illness as well as any supporting information, and have a doctor complete a confidential declaration for you.
To have a significant financial hardship (SFH) request approved by the WRFL Board, you need to provide evidence you are suffering, or likely to suffer, significant financial difficulties because you:
Before approving any request the WRFL Board:
Minimum Living Expenses:
Minimum living expenses generally include the actual and reasonable costs of:
Generally, minimum living expenses do not include:
What you will need: The Significant Financial Hardship Withdrawal form details the information required. This includes:
Please note: If you are an undischarged bankrupt you are not able to make an application on your own behalf and must discuss a possible application with the Official Assignee.
Other Hardship Assistance: Members in financial hardship may also be eligible for a Pūtea Manaaki Grant. Where a Whai Rawa Significant Financial Hardship application is made, a separate Pūtea Manaaki application does not need to be completed. The Significant Financial Hardship application pack also includes other information regarding potential sources of assistance.
Should a Whai Rawa member pass, the balance of their account will become an asset of their estate once their personal representative or another specified person, requests payment.
If you would like to apply for a withdrawal from the account of a Whai Rawa member who has passed, you need to ensure you are the rightful claimant and fill in the Deceased Estate Withdrawal Form. There is a declaration that must be signed in front of a lawyer or Justice of the Peace relating to the withdrawal.