What if settlement doesn't go ahead?
If settlement doesn't proceed (and this isn't due to any default on your part as purchaser), the stakeholder is obliged to repay any deposit funds paid to it to your solicitor or conveyancing practitioner. Your solicitor or conveyancing practitioner will then return the money back into your KiwiSaver account1.
If you have withdrawn your KiwiSaver savings for settlement, any amount withdrawn will be held by your solicitor or conveyancing practitioner pending settlement of the property. These funds will need to be returned if settlement does not proceed.
Things you should know.
1 Important: you should be aware that, if you choose to withdraw your KiwiSaver funds for a deposit, you could suffer the loss of some, or all, of that amount. You may still be liable for real estate fees and other expenses incurred. Your solicitor or conveyancing practitioner can give you more details on the circumstances which create a loss of deposit.
BT Funds Management (NZ) Limited is the scheme provider and Westpac New Zealand Limited is the distributor, of the Westpac KiwiSaver Scheme (Scheme).
The information above is subject to changes in government policy and law, and changes to the Scheme, from time to time.
Investments made in the Scheme do not represent bank deposits or other liabilities of Westpac Banking Corporation ABN 33 007 457 141, Westpac New Zealand Limited or other members of the Westpac group of companies. They are subject to investment and other risks, including possible delays in payment of withdrawal amounts in some circumstances, and loss of investment value, including principal invested. None of BT Funds Management (NZ) Limited (as manager), any member of the Westpac group of companies, The New Zealand Guardian Trust Company Limited, or any director or nominee of any of those entities, or any other person guarantees the Scheme's performance, returns or repayment of capital.
For a copy of the Product Disclosure Statement or more information about the Scheme, contact any Westpac branch or call 0508 972 254 or from overseas +64 9 375 9978 (international toll charges apply). You can also download the Product Disclosure Statement.