KiwiSaver could help you make your goal of buying your first home a reality.
KiwiSaver first-home withdrawal
If you’ve been a contributing member of KiwiSaver for at least three years, you may be able to withdraw your KiwiSaver to put towards your first home.
Check the criteria to see if you're eligible:
You’ve been a contributing member of KiwiSaver for at least three years
You’re intending to live in the property (KiwiSaver cannot be used to buy an investment)
You must leave a minimum balance of $1,000 in your KiwiSaver account
The property is located in New Zealand
If you currently own land, a home, or have a share in a property, you won’t be eligible.
Applying for your KiwiSaver first-home withdrawal
It can take time for your application to be processed, so we recommend contacting Fisher Funds well in advance to find out what you will need to do to start the ball rolling. All documentation needs to be with Fisher Funds at least 10 working days before your settlement date.
Once you have found a home you want to buy, let your solicitor know you want to use funds from your KiwiSaver account to help with the purchase.
Contact Fisher Funds about applying for a first-home withdrawal and complete the Fisher Fund’s withdrawal form.
Take Fisher Fund’s withdrawal form to your solicitor to complete then post it back to Fisher Funds with:
- A copy of your certified ID;
- Your Sales and Purchase agreement;
- Your Solicitor’s letter; and
- A deposit slip for your Solicitor’s trust account.
If you, and the property you intend to purchase, meet all of the criteria, the funds will be transferred to your solicitor’s trust account prior to settlement and will be paid to the vendor as part of the purchase price for an unconditional sale, or as the deposit (or part of it) if that is a condition of your sale and purchase agreement. If the agreement isn’t completed, then your solicitor will pass the funds back to Fisher Funds to be reinvested in your KiwiSaver account.
KiwiSaver First Home Grant
If you’ve contributed for three years to your KiwiSaver account you may qualify for a Kāinga Ora – Homes and Communities KiwiSaver First Home Grant of up to:
- $5,000 if you’re buying an existing home; or
- $10,000 if you’re buying or building a new home.
First Home Grant criteria
You must be 18 years or over
Have not received the First Home Grant or KiwiSaver deposit subsidy before
You must have contributed regularly to KiwiSaver for a minimum of three years, at least the minimum allowable percentage of your total income
Earned $85,000 or less (before tax) in the last 12 months as a sole buyer, or if two or more buyers – a combined income of $130,000 or less (before tax) in the last 12 months.
Have a deposit that is 5% or more of the purchase price. This can include the KiwiSaver first home withdrawal, First Home Grant and any other funds such as savings, or a deposit gifted by a relative
The purchase price of the property will also need to be within the regional house price caps. You can learn more about the First Home Grant criteria on the Kāinga Ora – Homes and Communities website.