KiwiSaver for Your First Home

If you’ve been contributing regularly to KiwiSaver for at least three years, you might be eligible to use your KiwiSaver balance to help finance your first home.

Here’s a guide to understanding the eligibility requirements, the application process, and tips to maximise your KiwiSaver first home withdrawal.

Eligibility Criteria for KiwiSaver Withdrawal

To withdraw your KiwiSaver funds for a first home, you need to meet the following requirements:

 

  • Membership: You have been a KiwiSaver member or in a complying superannuation fund for at least three years.
  • First Home: You are buying your first home or a piece of land. You intend to live in the home you’re buying or build a home on the land you’re purchasing. If you previously owned a home, you must no longer have any interest or share in it.

 

  • Property Type: The property must fall into one of these categories:
    • Fee simple
    • Stratum estate (freehold and leasehold)
    • Cross-lease (freehold and leasehold)
    • Leasehold
    • Māori land

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What Can You Withdraw from KiwiSaver?

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  • Your contributions
  • Employer contributions
  • Government member tax credit contributions
  • All investment returns
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    • The $1,000 Government kick-start payment
    • Money transferred from an Australian superannuation scheme
    • Member tax credits received while living offshore
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      Imagine you and your partner have saved $40,000 for your home deposit.

      In addition, you have $30,000 in your KiwiSaver, and your partner has $40,000 in their KiwiSaver.

      By withdrawing a combined $68,000 from your KiwiSaver accounts, you add this to your savings, giving you a total deposit of $108,000.

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      • Plan Ahead: Allow at least 6 weeks between signing the contract (going unconditional) and the settlement date to accommodate any potential delays.

       

      • Be Prepared for Delays: While providers may quote a 10-working-day timeline, unforeseen delays can happen. It is recomended you allow 15 Working Days.
        Read more about KiwiSaver Finance Timeline Here

       

      • Previous Homeowners: If you don’t currently own a home but previously did, you may still be eligible for a KiwiSaver withdrawal. Check with your provider well in advance.