Owning your own home is the Kiwi dream. KiwiSaver can help to bring that dream closer to reality.
If you have been in KiwiSaver, or a complying superannuation fund, for at least three years you may be able to use your KiwiSaver towards the deposit or the payment for settlement of a house in New Zealand. However, $1,000 plus any amount transferred from an Australian complying superannuation scheme must remain in your account.
You may also be eligible for a one-off contribution from Housing New Zealand through the First Home Grant.
You’ll need to meet some criteria to withdraw your KiwiSaver for the purchase of a first home.
For a start you must have been a member of a KiwiSaver scheme or complying superannuation fund for at least three years, plus:
If you’re buying land to build a house on, your KiwiSaver savings can only be used towards the land purchase, and not the cost of building the house.
Even if you’ve owned a home before, you may still be eligible, if you are in the same financial situation, in terms of assets, as a first home buyer.
The withdrawal is administered through your KiwiSaver scheme provider. First, Kāinga Ora will need to see if you meet the following criteria:
Simply complete the first or second chance home withdrawal form and give it to your solicitor who will submit the application to us on your behalf, with the following supporting documents:
Please make sure your application is with us at least 10 working days before settlement.
The funds will be paid directly to your solicitor’s trust account prior to settlement. If for any reason the purchase does not go ahead, your solicitor will repay the funds back to us and we will credit them back into your Summer KiwiSaver scheme account.
So, does this sound like you? If you would like to apply for a First Home Withdrawal from KiwiSaver, let's get the paperwork underway!