KiwiSaver Finance Timeline: Why You Must Allow 15 Working Days for Finance Approval
Understanding the KiwiSaver finance timeline is crucial when buying your first home. If part of your deposit is coming from KiwiSaver, allowing the right amount of time for finance approval is essential. Rushing this process can lead to contract issues, delays, or even losing the property. Here’s why we strongly recommend including 15 working days in your finance condition when KiwiSaver is involved.
How the KiwiSaver Finance Timeline Works
Most KiwiSaver providers need 10 to 15 working days to process your withdrawal application once your solicitor submits it. This timeline doesn’t start when you go under contract—it starts when the provider receives all required documentation.
What’s involved in the KiwiSaver finance timeline:
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A signed copy of the Sale and Purchase Agreement
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Certified ID and IRD number
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A completed withdrawal application from your solicitor
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Confirmation of your nominated bank account for the deposit
If any part of the application is delayed or incomplete, the KiwiSaver finance timeline stretches out—potentially jeopardising your purchase.
Banks Rely on KiwiSaver Confirmation for Final Loan Approval
Even if you’re pre-approved, banks won’t give unconditional finance approval until they know your deposit is fully available. If you’re using KiwiSaver:
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The bank needs written confirmation from your provider
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Or an undertaking from your solicitor that the funds will be ready by settlement
If the KiwiSaver finance timeline runs late, you risk missing your finance condition deadline.
Why Short Timeframes Can Lead to Contract Trouble
Some buyers mistakenly include finance clauses of just 5 to 10 working days. But if your KiwiSaver finance timeline hasn’t allowed for full processing, you may be forced to:
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Request an extension (which the vendor may decline)
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Risk the contract falling over
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Face cancellation or penalty
Giving yourself enough time from the start is far safer.
15 Working Days Creates a Reliable KiwiSaver Finance Timeline
Including 15 working days in your finance clause allows time for:
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Your solicitor to prepare and submit the KiwiSaver withdrawal
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Your provider to assess and approve it
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Your lender to confirm finance based on the verified deposit
This well-structured KiwiSaver finance timeline reduces stress, avoids last-minute surprises, and gives everyone involved time to do things properly.
Your Settlement Date Must Align with the KiwiSaver Finance Timeline
Even after going unconditional, KiwiSaver providers usually require settlement to be at least 15 working days after receiving your application. This gives time for:
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Funds to reach your solicitor’s trust account
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Final loan documentation to be prepared
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All parties to be ready for settlement
Rushing the timeline here can result in legal or financial complications.
Speak to Your Solicitor Early to Stay on Track
Because your solicitor submits your KiwiSaver application, they play a key role in the overall KiwiSaver finance timeline. Make sure you:
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Contact them before signing a contract
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Confirm your KiwiSaver eligibility
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Prepare key documents early
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Choose realistic finance and settlement dates
Final Word: Timing Is Everything
The KiwiSaver finance timeline isn’t just a technical detail—it’s a critical part of buying your home. Allowing at least 15 working days for finance protects you, keeps your contract on track, and ensures your bank, solicitor, and KiwiSaver provider all have the time they need to support you.