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Buy Your First Home Kiwisaver

KiwiSaver does have features that are made to assist first home buyers. If you are a first home buyer, and you have been a member of KiwiSaver for more than three years, you may be able to withdraw some of your KiwiSaver savings to put towards purchasing your first house.

If you have a partner who has previously owned a home but you haven’t, you could still apply for the withdrawal.

  • You’ll be eligible for a KiwiSaver first home withdrawal if you’ve been saving with KiwiSaver for at least three years or you are a first-time property or land owner, or the property or land is in New Zealand.
  • You’re going to live in the home you’re buying or build a home to live in on the land you’re buying.It’s the first time you’ve made a KiwiSaver withdrawal to buy a home.
  • If you have previously owned a home before, you may qualify for a previous home owner withdrawal which you can check through Housing New Zealand Corporation.

There are some circumstances where if you’ve owned property before, you could still be eligible to withdraw your savings if HNZ Corporation decides that you’re in the same financial position as a first home buyer.

How much am I able withdraw?

I you qualify,  you’ll be able to use your KiwiSaver savings to put towards the purchase of your first house. You’ll need to leave a minimum balance of $1,000 in your KiwiSaver account which was the original $1,000 the government gave you.

KiwiSaver HomeStart grant

You could be eligible for a KiwiSaver HomeStart grant of up to $5,000 to buy an existing home, or up to $10,000 if you are building or purchasing a newly built home. If you’re doing this with someone else and they’re eligible, you could get up to $20,000 between you (for building or buying a newly built home). Housing New Zealand Corporation administer this grant.

You can check with Housing New Zealand Corporation to see if you are eligible. Income caps, and purchases prices apply

Important information to know when purchasing your first home

If you are using KiwiSaver to buy your first home, you’ll need to get your application to the bank 10 working days before settlement date.

If you’ve already bought or settled on a house or land, you won’t be eligible for the KiwiSaver first home withdrawal as you’ll already be a home or landowner.