After cancellation or expiry, .nz Domains are placed on hold for 90 days. During this time you will not be able to use the Domain, but you will be able to renew it. Once the 90 day period is over the name will be made available again for public registration.
After cancellation of a Global domain (e.g. .com, .net, .org, .biz) its status is changed to "Client Transfer Prohibited" and the domain stays in this status for 30 days. If the domain is not renewed in this period, the status of the domain changes to "Redemption Period" for the next 30 days. The renewal in this period is at a cost of $200 + GST + Any renewal charge. The domain will become available to be re-registered after the next 5 days of this redemption period.