Withdrawals from Whai Rawa

Whai Rawa has been set up as a medium to long term savings scheme to enable whānau to save and withdraw for some important life goals. This means withdrawals are normally restricted to the key goals of tertiary education, first home purchase and retirement. It is important therefore not to think of Whai Rawa as a rainy day fund, but rather as a blue skies fund; a way of encouraging tamariki and mokopuna to think beyond today and to dream about and plan for the future. For older members it’s a way of growing some putea for later years.

Withdrawals can be made anywhere in the world.

If you wish to make a withdrawal you need to fill out a withdrawal request form which will be sent to the Manager for approval. Contact us for a withdrawal form.

Please note: in some circumstances the Manager may exercise its discretion to approve a withdrawal where not all the conditions are met.

Education Withdrawal

The Education Withdrawal is for tertiary education. This includes university and polytechnic and some private training organisation courses.
You can apply to help pay for your tertiary education at the end of your study.
From 22 September 2010 you can withdraw funds during your course of study if you have no other access to funds to get you through your study
In certain other circumstances you may be able to make a Special Circumstances Housing withdrawal.

Housing Withdrawal

You can withdraw money to help buy or build a house that you intend to live in.
It should be your first home.
You normally need to have a sale and purchase agreement and have proof that you have arranged other finance to buy the house if there is a shortfall between the purchase price and the amount of your requested withdrawal.
You can purchase a house with a partner or other whānau member as long as you will be recorded as one of the legal owners.

Retirement Withdrawal

People aged 55 or over can make Retirement Withdrawals.
You can make up to two Retirement Withdrawals each calendar year.
The minimum withdrawal is $500 (or your account balance if it is less than $500).

Special Circumstances Withdrawal

Members may also apply for a withdrawal in special circumstances however these are normally only granted in cases of serious financial hardship. Whai Rawa is not designed to be a rainy day fund; it’s about saving for key life goals.