KiwiSaver for First Home Buyers

• You’ve been enrolled in 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.
 

1. 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.

2. Contact Fisher Funds about applying for a first home withdrawal and complete the Fisher Fund’s withdrawal form.

3. 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.

• You must be 18 years or over

• Have not received the HomeStart 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 10% or more of the purchase price. This can include the KiwiSaver first home withdrawal, HomeStart 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 HomeStart Grant criteria on the Housing New Zealand website here.