How your ASB KiwiSaver Scheme membership can help you buy your first home

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1 Keep in touch Drop in to any ASB branch Call Visit asb.co.nz/kiwisaver Visit us at facebook.com/asbbank Follow us on twitter.com/asbbank asb.co.nz/kiwisaver ASB Group Investments Limited A 0515 How your ASB KiwiSaver Scheme membership can help you buy your first home

2 How your ASB KiwiSaver Scheme membership can help you buy your first home. Buying your first home is exciting but getting your foot on the property ladder can be tough. That s why KiwiSaver was designed with a first home withdrawal facility. Contents How to use this guide Getting ready Applying Buying Housing New Zealand Corporation Other information Withdrawal application form Sample letter from lawyer/conveyancing practitioner 1

3 How to use this guide Getting ready (before you make an offer or bid at auction) To make this easy for you, we ve broken this down into three stages. Talk to your lawyer or conveyancing practitioner Let your lawyer or conveyancing practitioner know you want to make a KiwiSaver first home withdrawal. Some important points to discuss: 1. Getting ready 2. Applying 3. Buying Whether you are eligible; The necessary paperwork; 1. Getting ready Page Understand whether you are eligible and how much might be available. Talk to your lawyer or conveyancing practitioner 3 Check your eligibility 4 Request a balance estimate 5 Find out how you may be able to use your KiwiSaver savings to buy your first home 6 Financial matters including when and to whom the withdrawal amount is paid (by your lawyer or conveyancing practitioner); and Whether your lawyer or conveyancing practitioner charges a fee for their services relating to the withdrawal. Find your nearest ASB branch to apply for a home loan or pre-approval.* 2. Applying Find out how and when to apply. 8 Application checklist Buying What happens when you buy. 10 Find your nearest ASB branch to discuss insuring your most valuable assets. * ASB lending criteria, fees and terms apply. 2 3

4 Am I eligible for a first home withdrawal? Have you been a member of KiwiSaver or a complying superannuation fund for three years or more? NO You need to have been a member of KiwiSaver or a complying superannuation fund for at least three years to apply for this withdrawal. Find out how much you ve got to put towards your first home If you are trying to arrange a home loan and the mortgage provider needs to know approximately how much money you have to put towards the purchase, contact us for a balance estimate : a. retire@asb.co.nz b ASB RETIRE ( ) YES c. at your nearest ASB branch Is this the first time you're withdrawing from a KiwiSaver scheme to buy a home or interest in a private home on Maori land? NO You can only make one first home withdrawal. YES Will this be your first time owning your own property or land? NO You may qualify for a previous home owner withdrawal. Find out more at hnzc.co.nz NO The first home withdrawal benefit is only available for property or land located within New Zealand. NO You must intend for the property you are buying to be your main residence. The estimate will give you an idea of roughly how much you may be able to withdraw to put towards your first home, because you can t withdraw your entire savings (you must retain a minimum account balance of $1,000 and any amount transferred from an Australian complying superannuation fund is not available for withdrawal). We can give you your withdrawal balance estimate via within three days of your request. YES Is the property or land you're looking to purchase in New Zealand? YES Do you intend to live in the home you are buying or buying an interest in (or build a home to live in on land you are buying)? YES Great. Read on. You can or call us to: Check how long you ve been a KiwiSaver member; and Find out how much you ve got to put towards your first home. 4 5

5 It s important to note: Case study: Kate and Matt are saving for a first home Here s a quick look at how much Kate and Matt could save towards their first home through KiwiSaver after five years. Let s assume that Kate and Matt each have a pre-tax salary of $40,000. After five years of saving in KiwiSaver, with Kate contributing 4% and Matt contributing 3% of their pre-tax salaries, they could have over $31,000 saved towards their first home. Here s an estimate of their first home withdrawal after five years: Matt Kate Member contributions $6,182 $8,243 Employer contributions $5,100 $5,100 Investment returns $1,006 $1,162 Annual Government contributions (MTCs) $2,084 $2,084 Total estimated KiwiSaver balance $14,372 $16,589 LESS - Required minimum balance in account after withdrawal $1,000 $1,000 Balance estimate available for withdrawing $13,372 $15,589 We do not recommend changing KiwiSaver providers if you are about to apply for a withdrawal for your first home. It usually takes around six weeks to transfer KiwiSaver providers and this can impact the first home withdrawal process. If you have previously owned land, this counts as owning property even if it didn t have a house on it. There are some exceptions to this, such as where you previously owned an interest in a private home on Maori land. You may also be eligible for a previous home owner withdrawal (more information is available at hnzc.co.nz). The first home withdrawal can only be used to purchase a house, land to build a house on or an interest in a private home on Maori land, that is located in New Zealand. Although, in some circumstances your KiwiSaver savings can be used towards deposit payments, this option may not be available for all sale and purchase transactions (e.g. auctions). You should speak to your solicitor or conveyancing practitioner about your own circumstances. Are you saving for a first home with KiwiSaver? Assumptions for this case study The figures used are for illustrative purposes only and are not a prediction of future returns. We do not promise or guarantee returns. If you intend to withdraw your KiwiSaver savings in the near future, you may be suited to a lower risk fund option such as the NZ Cash Fund or the Conservative Fund. The figures shown are in today s dollars, which means the future value of savings has been adjusted for the effect of rising prices over time (inflation) and shows you the buying power in today s dollars. The figures assume the following: A pre-tax salary of $40,000 (including real (net of inflation) increases of 1.5% per year). Employer contributions of 3% of pre-tax salary and taxed at the employer s superannuation contribution tax (ESCT) rate of 17.5%. Member tax credits of $ per annum. Real (net of inflation) investment returns of 3.0% per annum (after tax and fees) compounding monthly. No withdrawals or contribution holidays. No changes to Government, member or employer contribution rates. Member and employer contributions are paid monthly and the member tax credit component of the Government contributions is paid annually. 6 7

6 Applying Example Applying We need to receive all original withdrawal documents at least ten working days prior to the date that your solicitor or conveyancing practitioner needs to receive the KiwiSaver savings (either to pay a deposit or to pay to the vendor on settlement day). You and your lawyer or conveyancing practitioner will need to return these documents by post we need to see the originals. Refer to the first page of the withdrawal application form (on page 16 of this brochure) for a list of everything you'll need to send to us when you're applying. 1. Getting ready If we are missing any information, a member of our withdrawals team will contact you. 1 October She successfully bids $500,000 at an auction for her first home. The money She pays $25,000 of her own money as her deposit to the real estate agent to secure the purchase. If your withdrawal is approved, your KiwiSaver savings will be released to your lawyer or conveyancing practitioner's trust account, to be paid to the vendor on settlement day or in some circumstances used towards deposit payments. The option to use KiwiSaver savings for deposit payments may not be available for all sale and purchase transactions (e.g. auctions). You should speak to your solicitor or conveyancing practitioner about your own circumstances. 2 October The following day Lee sends her application to make a first home withdrawal of $75,000 from her ASB KiwiSaver Scheme account. 2. Applying It s important to know: The withdrawal generally cannot be made after settlement because you will then be a homeowner. We need to receive all original withdrawal documents at least ten working days prior to the date that your solicitor or conveyancing practitioner needs to receive your KiwiSaver savings (either to pay a deposit or to pay to the vendor on settlement day). 4 October ASB Group Investments receives the application. 18 October The money is paid to her lawyer (ten working days later). 3. Buying 8 Lee talked to ASB about buying her first home. She had saved $25,000 of her own money. ASB let her know she may also be able to make a withdrawal from her KiwiSaver savings. Lee asked ASB for her ASB KiwiSaver Scheme account balance estimate and found out she had $75,000 that she could withdraw to help her buy her first home. She found a house that was going to be auctioned and decided that she would use her existing (non-kiwisaver) savings to pay the 5% deposit immediately if successful at auction and then use her available KiwiSaver savings and a mortgage from ASB to pay the balance of the purchase price at settlement. 22 October Lee's lawyer pays the $75,000 ASB KiwiSaver Scheme first home withdrawal and a $400,000 mortgage from her bank to the vendor on settlement day. 9

7 Buying Housing New Zealand Corporation Application approval and release of your KiwiSaver savings KiwiSaver HomeStart grant Once approved, your KiwiSaver savings will be withdrawn from your ASB KiwiSaver Scheme account and paid directly to your lawyer or conveyancing practitioner s trust account. Approval can take up to ten working days. Housing New Zealand Corporation (HNZC) may also provide eligible KiwiSaver members with a KiwiSaver HomeStart grant of up to $5,000 for purchasing an existing home or up to $10,000 for building a new home or purchasing a newly built home. HNZC can confirm if you and your property are eligible for this grant (income thresholds, regional house price caps and eligibility criteria apply). We need ten working days to: Review your application; Contact you and ask for more information (if required); Approve the application; Previous home owners Process the withdrawal; and There are also certain circumstances in which previous home owners may qualify for these benefits. Pay your KiwiSaver savings into your lawyer or conveyancing practitioner's trust account. We will send both you and your lawyer or conveyancing practitioner confirmation once the withdrawal has been paid to their trust account. Contact details Contact or visit hnzc.co.nz for more information. It s important to know: It takes us ten days to review and process your first home withdrawal application. This means if your documents will be posted to us, you should allow more time for postage

8 Other information If you have any other questions, just call our team on 0800 ASB RETIRE ( ). Getting ready Can I make a withdrawal to purchase land? The first home withdrawal can be used to buy land that you intend to build a home on or an interest in a private home on Maori land (if you re planning to live in that house). Like any property, you ll need to apply before you buy the land because you generally won t be eligible to be a first home buyer once you own it. Can I use the first home withdrawal to buy a house or land outside of New Zealand? The first home withdrawal is only available to purchase a property or land located within New Zealand. Can I use my KiwiSaver savings to purchase an interest in a private home on Maori land? Yes, provided you can supply evidence that you have the right to occupy the Maori land located in New Zealand. Can I use my KiwiSaver savings to buy an investment property? You may only make a withdrawal if the property is, or is intended to be, your main residence. Can I use my KiwiSaver savings to make deposit payments? In some circumstances your KiwiSaver savings can be used towards deposit payments. This option may not be available for all sale and purchase transactions (e.g. auctions). You should speak to your solicitor or conveyancing practitioner about your own circumstances. How long do I have to live in my first home? There s no minimum time that you must live in a house bought using a KiwiSaver first home withdrawal. However, you must intend for the house to be your main residence when applying for the KiwiSaver first home withdrawal. If you qualify for a KiwiSaver HomeStart grant, check with Housing New Zealand Corporation what the minimum time period is that you must live in your home. My partner has previously owned a home but I haven t. Can I apply? Yes. The first home withdrawal is assessed on your individual application. Applying Can I or fax the form to you? Unfortunately not. We need to see your original documents. Can someone at the branch sign the statutory declaration? Only an authorised person (such as a Justice of the Peace, barrister or solicitor of the High Court, notary public, Registrar or Deputy Registrar of the High Court or any District Court or a member of Parliament) can witness a statutory declaration. Can I apply for a first home withdrawal after settlement? No. You need to apply before you buy your first home. You can t use your KiwiSaver savings to reduce your mortgage or pay off other debts once you are a home owner. Can I buy a house in the name of a trust? Your name (as the ASB KiwiSaver Scheme member applying for a first home withdrawal) must be on the sale and purchase agreement (or on a deed of nomination) as the purchaser

9 Other information Buying What happens if the house purchase doesn t go through? If you're using your KiwiSaver savings at settlement only, and settlement isn t completed by the due date (or any extended date), any KiwiSaver savings paid to your lawyer or conveyancing practitioner s trust account will need to be repaid (by your lawyer or conveyancing practitioner) to your ASB KiwiSaver Scheme account in full as soon as possible. If you're using your KiwiSaver savings towards any deposit payments, and the settlement isn t completed by the due date (or any extended date), any KiwiSaver savings paid to your lawyer or conveyancing practitioner s trust account will need to be repaid (by your lawyer or conveyancing practitioner) to your ASB KiwiSaver Scheme account in full as soon as possible, except where non-settlement is a result of your default. Other questions How much does it cost to make a withdrawal? There s no charge for making a withdrawal from the ASB KiwiSaver Scheme. It s worth talking to your lawyer or conveyancing practitioner about any fees that they may charge you for their services. Can I stay in KiwiSaver after I make a first home withdrawal? Yes. You ll still be a member of the ASB KiwiSaver Scheme and your contributions can continue as normal. Do I have to keep contributing to my ASB KiwiSaver Scheme account? If you wish to stop contributing from your salary or wages you will need to apply to Inland Revenue to take a contributions holiday by completing the KS6 Form from ird.govt.nz and sending it to Inland Revenue. If you wish to stop making voluntary contributions from an ASB bank account, you ll need to do this in FastNet Classic online banking or talk to us

10 ASB KiwiSaver Scheme First Home (or previous home owner) Withdrawal Withdrawal to purchase a first home After three years of saving, you may be eligible to withdraw some of your KiwiSaver savings to help buy your first home. This excludes any amount transferred from an Australian complying superannuation fund. You must also ensure that you retain a minimum balance of $1,000 in your KiwiSaver account. The withdrawal may be available if you meet all of the following requirements: You have been saving with KiwiSaver (or a complying superannuation fund) for three years or more; You intend for the property you are buying to be in New Zealand and your main residence; You have never owned your own property or land; and You have never made a withdrawal from a KiwiSaver scheme to purchase a home before. (If you have owned your own property or land before but have never made a withdrawal from a KiwiSaver scheme to purchase a home before, you may qualify as a previous home owner.) Getting ready (before you make an offer or bid at auction) Request a balance estimate (if you need one). Review the criteria and check that you are eligible. Talk to your lawyer or conveyancing practitioner, some important points to discuss are: - The necessary paperwork; - Whether you are eligible; - Financial matters including when and to whom the withdrawal amount is paid (by your lawyer or conveyancing practitioner); and - Whether your lawyer or conveyancing practitioner charges a fee for their services relating to the withdrawal. Applying We need to receive all original withdrawal documents at least ten working days prior to the date that your solicitor or conveyancing practitioner needs to receive your KiwiSaver savings (either to pay a deposit or to pay to the vendor on settlement day). First home (or previous home owner) withdrawal form; The statutory declaration, completed by you and witnessed by an authorised person (on Page 4 of the form); If you are applying for withdrawal as a previous home owner, an approval letter from Housing New Zealand Corporation (HNZC); A letter of undertaking from your lawyer or conveyancing practitioner on their letterhead (refer to the sample Letters of Undertaking included in the back of Using KiwiSaver to buy your first home brochure); A pre-printed deposit slip for your lawyer or conveyancing practitioner s trust account; Identity verification (items listed on the form, in section 6); If you are using your KiwiSaver savings at settlement - a copy of your unconditional sale and purchase agreement or a copy of your conditional sale and purchase agreement (in both cases showing you as the purchaser) and confirmation from your lawyer or conveyancing practitioner that the conditions have been met; or If you are using your KiwiSaver savings to make a deposit payment or if you are using your KiwiSaver savings to make a deposit payment and any balance paid at settlement - a copy of your conditional sale and purchase agreement showing you as the purchaser. For an interest in a private home on Maori land, evidence of your right to occupy the Maori land. If we are missing any information, a member of our withdrawals team will contact you. It s important to know: The withdrawal cannot be made after settlement because you will then be a homeowner. We re here to help If you would like to discuss your application, please go to any ASB Branch, contact us on 0800 ASB RETIRE ( ) or retire@asb.co.nz. Please forward completed documents to: ASB KiwiSaver Scheme, Free Post Authority ASB, PO Box 35, Shortland Street, Auckland 1140 or Courier to ASB Wealth Operations, ASB Mail Room, 360 Dominion Road, Auckland

11 ASB KiwiSaver Scheme First or Previous Home Owner Withdrawal Application Form 1. Personal Details Title Mr Mrs Miss Ms Other ASB KiwiSaver Scheme Member Number (if known) A S B K S First Names Surname Telephone Home Work Mobile Date of Birth Home Address Number and Street (Please reconfirm for security purposes) Postal Address (if different from Home Address) Number and Details Suburb Suburb City Postcode City Postcode Country Country 2. Tax Details IRD Number Prescribed Investor Rate (PIR) (please tick one): 10.5% 17.5% 28% Refer to the ASB KiwiSaver Scheme investment statement or asb.co.nz/pir to calculate your PIR. Note: If you have already provided us with your IRD number and PIR, please ignore this section. If your PIR has changed, please tick the correct PIR. If you haven t given us your IRD number and PIR, we will apply a tax rate of 28% to any taxable income applicable to you for the relevant tax year. 3. Withdrawal Details Type of withdrawal (please tick one): First home withdrawal (this applies to members who have not held an estate in land before (whether alone or jointly with another person) subject to limited exceptions); or Previous home owner withdrawal (this applies to members who have held an estate in land before (whether alone or jointly with another person) and who no longer own a property. If you are applying as a previous home owner, you will need to attach confirmation from HNZC that you qualify). You are not considered to have held an estate in land for these purposes if any of the following apply: (a) you hold the estate in land as a bare trustee; (b) the estate in land was a leasehold estate; (c) the estate in land is an interest in Maori land; or (d) you held the estate in land as a trustee who: (i) was a discretionary, contingent or vested beneficiary under the relevant trust; but (ii) had no reasonable expectation of being entitled to occupy the land as the main residence for you or your family until the death of the person who occupied the land at the time (the occupier) or the death of the occupier s survivor. Amount of withdrawal Subject to the requirements of the trust deed for the ASB KiwiSaver Scheme ( Trust Deed ), I request: a withdrawal of the full available* balance from my ASB KiwiSaver Scheme account; or a partial withdrawal of $ from my ASB KiwiSaver Scheme account. * You must leave a minimum of $1,000, as well as any amount transferred from an Australian complying superannuation scheme (disregarding positive or negative investment returns on that amount), in your KiwiSaver account after making a home purchase withdrawal. Any partial withdrawal will be deducted proportionally from each fund that you have invested in. If you make a withdrawal of your full available balance from your ASB KiwiSaver Scheme account, you will remain a member of the ASB KiwiSaver Scheme and you may continue contributing to the ASB KiwiSaver Scheme, subject to the requirements of the Trust Deed. Please note, ASB Group Investments Limited (the Manager ) will adjust your withdrawal amount for any tax liability arising as a result of your withdrawal request. Acceptance of your first or previous home owner withdrawal request is at the discretion of the Manager. 17

12 4. How withdrawal amount will be applied Please tick one: The amount withdrawn will be applied (in the first instance) towards paying a deposit on the property (with any remainder then applied towards the balance of the purchase price at settlement); or The amount withdrawn will be applied solely towards paying the purchase price of the property at settlement. The amount withdrawn will be deducted proportionally from each fund that you have invested in, and taken: first from your own and any employer contributions (and your investment earnings), and second, from your annual Government contribution amount. 5. Lawyer or Conveyancing Practitioner Details Lawyer or Conveyancing Practitioner s Name (please print) Company Name Street Address Number and Street Postal Address (if different from Street Address) Number and Details Suburb Suburb City Postcode City Postcode Country Country Telephone Fax 6. Privacy Statement I agree to the collection, use and disclosure of my personal information in accordance with the current ASB KiwiSaver Scheme investment statement. The personal information provided by you when you complete the ASB KiwiSaver Scheme First or Previous Home Owner Withdrawal Application Form may also be disclosed to, and held by HNZC. This and any other personal information obtained will be used for purposes relating to determining whether you are eligible for a first or previous home owner withdrawal from your ASB KiwiSaver Scheme savings and the administration, marketing, operation and management of the ASB KiwiSaver Scheme. You have rights of access to, and correction of, the personal information you supply. 7. Identity Verification (i) If you are an ASB Bank customer, please fill in your ASB account number below or (ii) If (i) above does not apply, please supply us with evidence of your identity by supplying a certified photocopy of: Any one of these: Passport (New Zealand or overseas*) New Zealand firearms licence. Or New Zealand driver s licence with any one of the following: Credit Card (name embossed) Debit Card (name embossed) SuperGold Card Bank statement Government agency statement. Or one of these: New Zealand full birth certificate Overseas full birth certificate* Certificate of New Zealand citizenship Overseas citizenship certificate*. With any one of these: 18+ Card New Zealand Armed Forces ID New Zealand Police ID Super GoldCard (with photo) Overseas driver s licence (with photo) Student ID from a New Zealand Institution (under 18s only). *If you supply an overseas passport, citizenship certificate or birth certificate, please also provide a copy of your residency documents. Any documents not in English need to be accompanied by an independent and certified English translation. If you are submitting this Form at an ASB branch, an ASB staff member can sight your original documents and take copies. Alternatively, all evidence provided must be certified photocopies of your original documents. Your evidence can be certified by a lawyer, a chartered accountant, a notary public, justice of the peace or an Honorary Consul at a NZ Consular Office. Each certified photocopy must include a statement I certify that this is a true copy of the original documents and the documents provided represent a true and correct likeness of the individual named. The certifier must include their full name, signature, the date and their qualification or occupation which makes them eligible to certify. Please ensure that the certification has been carried out no earlier than 3 months prior to the date this Form is completed. 18

13 ASB KiwiSaver Scheme New Zealand Statutory Declaration I (insert name of person making the declaration) of (insert address and occupation of person making the declaration solemnly and sincerely declare that: I have read the privacy statement in section 5 of this ASB KiwiSaver Scheme First or Previous Home Owner Withdrawal Application Form. I have not made a withdrawal from a KiwiSaver scheme (whether the ASB KiwiSaver Scheme or any scheme to which I have previously belonged) for a first or previous home owner withdrawal before. The land or property I am purchasing is an estate in land or an interest in a dwellinghouse on Maori land located in New Zealand and is or is intended to be my main residence. I have not held an estate in land before (whether alone or as a joint tenant or a tenant in common) or if this is not the case, I attach confirmation from the Minister of Housing (or his delegate) that my income, assets and liabilities represent a financial position that would be expected of a person who has never held an estate in land. I understand that, should the information given be incomplete or incorrect, the Manager of the ASB KiwiSaver Scheme will not be able to complete its assessment of the application for my first or previous home owner withdrawal without receiving the complete and correct information. I understand that final approval of my application for a first or previous home owner withdrawal is subject to the Manager receiving (in a form acceptable to the Manager) at least ten working days prior to the date that your solicitor or conveyancing practitioner needs to receive my KiwiSaver savings (either to pay a deposit or to pay to the vendor on settlement day): i. a pre-printed bank deposit slip for my solicitor's or conveyancing While I have been a KiwiSaver member (please tick one): New Zealand has been my principal place of residence at all times; or New Zealand has been my principal place of residence for the following period(s): DD/MM/YYYY - DD/MM/YYYY DD/MM/YYYY - DD/MM/YYYY practitioner's trust account; and ii. a certificate from my solicitor or conveyancing practitioner attaching a copy of the Sale and Purchase Agreement which clearly shows me as the purchaser and contains undertakings (in a form acceptable to the Manager) relating to the status of that Agreement and the application of savings withdrawn; and iii. for an interest in a dwellinghouse on Maori land, evidence of my right to occupy the Maori land; and I understand that my first or previous home owner withdrawal is subject to the approval of the Manager. I understand that my withdrawal value will be based upon the unit price(s) at the date my request is processed. I agree that any solicitor or conveyancing practitioner who has or will provide information about my first or previous home owner withdrawal may be approached by the Manager, and I hereby authorise such solicitor or conveyancing practitioner to give such further information in relation to this purchase as requested by the Manager. A photocopy of this authorisation shall be read as the original. I expressly consent to the Manager disclosing my ASB KiwiSaver Scheme contribution history to HNZC, provided such disclosure is necessary for HNZC to determine whether I may be eligible for other assistance or services provided by HNZC. The information provided by me is true and correct. And I make this solemn declaration conscientiously believing the same to be true and by virtue of the Oaths and Declarations Act Signature of person making the declaration Declared at this day of 20 before me: (person before whom the declaration is made) Signature of Witness Address Full Name Occupation A Statutory Declaration under the Oaths and Declarations Act 1957 that is made in New Zealand must be made before a person described in section 9 of that Act including: a Justice of the Peace; or a Barrister or Solicitor of the High Court; or a Notary Public; or the Registrar or Deputy Registrar of the High Court or of any District Court; or a member of Parliament; or officers of the Crown or of a local authority within the meaning of the Local Government Act 2002, authorised for that purpose by the Minister of Justice from time to time; or an employee of Public Trust constituted under the Public Trust Act 2001, authorised for that purpose by the Minister of Justice from time to time. FOR BANK USE ONLY Method of identification - Customer Branch Accepted by Actioned by Date stamp 19 ASB Group Investments Limited

14 Solicitor's or conveyancing practitioner's letter - all savings to be paid at settlement To: ASB Group Investments Limited as Manager of the ASB KiwiSaver Scheme (the Scheme) Re: Legal undertaking for the purposes of using KiwiSaver savings at settlement for (the Member), Member s ASB KiwiSaver Scheme number: Reference: I/We refer to the Member s application for a home purchase withdrawal from the Scheme (the Application), which relates to the purchase of (the Property). The settlement date for the purchase of the Property is Documents I/We enclose copies of the following: D D M M Y Y Y Y 1. the agreement for sale and purchase of the Property with (the Vendor) dated D D M M Y Y Y Y (the Agreement); and 2. where the Member is purchasing an interest in a dwellinghouse on Maori land, evidence of the Member's right to occupy the Property; and 3. our pre-printed bank deposit slip. I/We confirm that we act for the Member, who is to purchase the Property under the Agreement. Undertaking I/We undertake to you that: a) as at the date of this letter any conditions to the Agreement are fulfilled or waived and the Vendor and the purchaser(s) are unconditionally obliged to settle; and b) any funds received by me/us pursuant to the Application (the Funds) will be paid to or as instructed by the Vendor as part of the purchase price; or c) if settlement under the Agreement is not completed by the due date in the Agreement or any agreed extended date, the Funds will be repaid to you as soon as practicable on account of the Member with no deductions or disbursements. I confirm that I hold a current practising certificate issued pursuant to the Lawyers and Conveyancers Act Full name of principal/partner certifying Name of firm/company (Please print this letter, sign your name and date) Signature Date D D M M Y Y Y Y 20 ASB Group Investments Limited

15 Solicitor s or conveyancing practitioner s letter savings to be put towards deposit payments (with any balance paid at settlement) To: ASB Group Investments Limited as Manager of the ASB KiwiSaver Scheme (the Scheme) Re: Legal undertaking for the purposes of using KiwiSaver savings to put towards deposit payments (with any balance paid at settlement) for (the Member), Member s ASB KiwiSaver Scheme number: Reference: I/We refer to the Member s application for a home purchase withdrawal from the Scheme (the Application), which relates to the intended purchase of (the Property). The currently anticipated settlement date for the purchase of the Property is D D M M Y Y Y Y Documents I/We enclose copies of the following: 1. the agreement for sale and purchase of the Property with (the Vendor) dated D D M M Y Y Y Y (the Agreement); and 2. where the Member is purchasing an interest in a dwellinghouse on Maori land, evidence of the Member's right to occupy the Property; and 3. our trust account s pre-printed bank deposit slip. I/We confirm that I/we act for the Member, who is interested in purchasing the Property under the Agreement. Undertaking I/We undertake to you that: 1. as at the date of this letter the Agreement remains subject to a condition or conditions which have yet to be either fulfilled or waived (i.e. the Vendor and the Purchaser(s) are not yet contractually obliged to settle); 2. any funds received by us/me pursuant to the Application that are to be put towards paying a deposit under the Agreement (the Deposit Funds) will be held by a stakeholder who is obliged to: i) hold the Deposit Funds while the Agreement is conditional; and ii) repay the Deposit Funds to us/me if settlement under the Agreement is not completed by the due date in the Agreement or any agreed extended date (except where non-completion of the settlement is due to the Member s default); 3. I/we will repay to you as soon as practicable on account of the Member (with no further deductions or disbursements) any Deposit Funds that the stakeholder repays to us/me if settlement is not completed; and 4. any funds received by us/me pursuant to the Application which exceed the amount to be applied towards paying a deposit under the Agreement: i) will be paid to the Vendor as part of the purchase price on settlement of the Agreement; or ii) if settlement under the Agreement is not completed by the due date in the Agreement or any agreed extended date, will be repaid to you as soon as practicable on account of the Member with no deductions or disbursements. The undertakings in paragraphs 2 and 3 above are restricted to confirming that the stakeholder owes obligations: to hold the Deposit Funds while the Agreement is conditional, and to repay the Deposit Funds to us/me if settlement of the Agreement is not completed as described. I/We give no undertaking that the stakeholder will actually comply with these obligations, and accordingly I/we accept no liability in the event that the stakeholder breaches either obligation. I confirm that I hold a current Practising Certificate issued pursuant to the Lawyers and Conveyancers Act Name of principal/partner certifying Name of firm/company (Please print this letter, sign your name and date) Signature Date D D M M Y Y Y Y 21 ASB Group Investments Limited

16 Important information Interests in the ASB KiwiSaver Scheme are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited and are subject to investment risk including loss of income and principal invested. Interests in the Scheme do not represent deposits or other liabilities of ASB Bank or any other member of the ASB group of companies. Neither ASB Bank nor any other person guarantees the interests in the Scheme (including the repayment of any capital or the performance of those securities). The information contained in this brochure is for general informational purposes and is designed for use by New Zealand residents only. It does not take into account your financial situation or goals and is not a personalised financial adviser service under the Financial Advisers Act None of ASB Group Investments Limited, ASB Bank Limited, their related companies, nor their directors, board members, officers or employees accept any liability whatsoever for any direct or indirect loss or damage of any kind arising out of the use of, or reliance on, the information provided in this brochure.