If you’ve been working across the ditch in Australia and have a stash of Aussie super, you might be thinking about bringing it back to New Zealand.
We’ve got you covered! Our Wealth Advisers know the ins and outs of this process and are always ready to lend a helping hand.
Not so fun fact: As of February 2023, there was $16 Billion in lost and unclaimed super across Australia. This is an increase of $2.1 Billion from the previous financial year. That number is mind-blowing!
One of the most important reasons to transfer your Aussie Super to KiwiSaver is to save money on fees. By consolidating your funds, you will only be paying fees to one provider.
Some things to think about to reunite your hard-earned dollars with you in New Zealand:
Make sure you’re eligible
First things first, we will check that you’re eligible to transfer your Aussie super back to NZ. If you’re a Kiwi citizen or a permanent resident, you’re good to go!
Chat with your Aussie super provider
We will give your Aussie super fund a buzz and start the process. Each super fund is different, but there will most likely be some paperwork to fill out and you will need some proof that you’re officially calling NZ home.
Pick a Kiwi home for your money
Choose a KiwiSaver provider to welcome your Aussie dollars. Make sure they can handle international transfers. We can recommend a provider based on your personal circumstances.
Aussie super laws will still apply
Your Aussie super, although in a New Zealand KiwiSaver scheme, will still abide by Australian law requirements. On the plus side, this money may be accessible once you reach the Australian retirement requirements, currently aged 60. But on the downside, you won’t be able to use this money to put towards your first home deposit.
Money matters – Exchange rates
Unfortunately, sometimes these transfers can take weeks, even months. This means you won’t have a lot of control over when it gets transferred, and therefore what the exchange rate is on that day.
Keep an eye on the progress
Once everything’s sorted, it might take a bit of time, so be patient. Your Wealth Adviser will stay in touch with both providers to make sure everything’s smooth sailing.
Have a chat with the experts
Bringing your Aussie super back to NZ doesn’t have to be a headache, especially with a Cole Murray Wealth Adviser by your side. You’ll be enjoying your hard-earned dollars in Kiwi paradise in no time. Have a chat with one of our Wealth Advisers, they will help you make sense of it all.