Query regarding mobilising kiwisaver funds to Australia

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Forums › Finance and wealth management › Query regarding mobilising kiwisaver funds to Australia

araj055

6 posts

Wannabe Geek

#248383 23-Mar-2019 23:56

Hi all,

I am planning on making the move to Australia in January 2020. I have accumulated a reasonable amount in my KiwiSaver, and ultimately wish to buy my first home in Australia. What options do I have in order to mobilise my KiwiSaver funds to make this possible. Will I have to purchase a property in NZ (first home) in order to mobilise the funds, live in it for 6 months then sell? Or alternatively is there a way of transferring funds to an Australian superannuation scheme that will allow withdrawal for first home?

Thanks in advance

BlinkyBill

1443 posts

Uber Geek
Inactive user

#2204067 24-Mar-2019 07:45

I don’t believe you can withdraw funds if you move to Australia, although you can transfer funds to an AU super fund.

Buying a first home here, then selling after six months, and buying in AU sounds like a very poor use of money, the costs of purchases and sales and foreign exchange will add up to many thousands.

You should work out a financial model before doing what you are thinking.

araj055

6 posts

Wannabe Geek

#2204128 24-Mar-2019 09:35

Thanks. The other option is buying, living for 6months then renting out the property for several years before eventually selling. I understand there will be some costs involved in buying/selling, but how else would I have my KiwiSaver funds (around 50k) on hand when I am purchasing a house in Australia (5 year mark)?

BlinkyBill

1443 posts

Uber Geek
Inactive user

#2204179 24-Mar-2019 11:58

Slightly off topic, but there is an interesting/alarming article in this morning’s Sunday Times regarding “zombie” insurance premiums levied against AU Super Fund accounts without notification. Some AUS$1.9b ripped from account returns, some would say fraudulently.

BlinkyBill

1443 posts

Uber Geek
Inactive user

#2204180 24-Mar-2019 12:00

araj055:
Thanks. The other option is buying, living for 6months then renting out the property for several years before eventually selling. I understand there will be some costs involved in buying/selling, but how else would I have my KiwiSaver funds (around 50k) on hand when I am purchasing a house in Australia (5 year mark)?

I may be mis-informed, but I think if you take funds out of KiwiSaver for housing, you have to live in the house.

You need to get some better advice than Geekzone I think.